The Business Facilitation (Miscellaneous Provision) Bill 2022, known as the “Omnibus Bill,” has passed the second reading at the Senate.
This was announced by Dr. Jumoke Oduwole, Special Advisor to the President on Ease of Doing Business.
The Presidential Enabling Business Environment Council (PEBEC) intervened with the Bill in an effort to streamline and update obsolete legal requirements, and remove bottlenecks for micro, small, and medium-sized businesses.
According to her, the bill seeks to ensure the sustainability of the business climate and give statutory force to Executive Order 001 of 2017 on the promotion of Transparency and Efficiency in the Business.
The bill also seeks to amend the Companies and Allied Matters Act (CAMA) 2020 with the recognition of electronic share certificates, electronic voting at annual general meetings, and other information in tandem with technology best practices.
It will also among other benefits, amend the Export (Prohibition) Act, to empower the Minister of Finance, Budget & National Planning to now have clear-cut powers to recommend goods that should be restricted from being exported.
The Federal Executive Council (FEC) on 23, March 2022, approved the bill, which was a culmination of 4 years of collaborative work by public and private sector stakeholders in the legal community anchored by the PEBEC through a sub-committee led by the Attorney General of the Federation.
