The Business Facilitation Act (BFA) was signed into law by the President of the Federal Republic of Nigeria, President Muhammadu Buhari on 10 February 2023 to ease the doing of business in Nigeria with regards to administration of companies and also actions of regulators and government agencies. The enactment of the BFA has led to amendments of 21 different legislations including the Companies and Allied Matters Act (CAMA) 2020.
One of the consequential amendments of CAMA by the BFA is the provisions of Section 127 of CAMA. The new Section 127 of the Act provides as follows:
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