By Sahrfoa Matturie
The National Investment Board (NIB), in collaboration with the Sierra Leone Economic Diversification Project, has convened a high-level stakeholders’ consultation in Makeni to validate the proposed Companies and Allied Matters Act 2026. The draft legislation is expected to significantly reform and modernize Sierra Leone’s business registration and regulatory framework.
Held at the MiIRUm Hotel in Makeni under the theme “Enhancing the Business Environment through Legal Reform,” the consultation brought together government officials, legal practitioners, private sector representatives, traders’ unions, and local council authorities. The forum provided a platform to scrutinize the proposed bill and assess its implications for improving the ease of doing business in Sierra Leone.
Delivering the technical presentation, Ibrahim Sorie Yillah, Managing Partner at Tejan-Cole & Partners and Lead Consultant for drafting the bill, emphasized the urgency of overhauling the country’s outdated corporate legal regime. He explained that the current framework is fragmented, creating duplication, inefficiency, and regulatory uncertainty for businesses.
“The global economy is increasingly digital, yet our legal architecture remains disjointed,” Yillah stated. “Entrepreneurs are compelled to register in multiple institutions, each with varying fees, procedures, and compliance standards. This lack of harmonization increases costs and encourages regulatory loopholes.”
He noted that inconsistencies between institutions, including the Bank of Sierra Leone and the Corporate Affairs Commission, have allowed some businesses to exploit gaps within the system. The proposed Act, he explained, seeks to centralize and streamline company registration processes, introduce digital systems, and establish uniform governance standards.
Director of the National Investment Board, Joe Gbonda, described the bill as a cornerstone of Sierra Leone’s broader investment climate reform strategy. According to him, simplifying corporate regulation will enhance transparency, predictability, and investor confidence.
“This reform is fundamental to creating an enabling environment for business expansion and employment generation,” Gbonda said. “If enacted, the law will establish clear regulatory standards and reduce bureaucratic obstacles that currently discourage formalization.”
He underscored that the success of the reform will depend on inter-agency collaboration and effective enforcement, assuring participants that NIB will work closely with relevant institutions to ensure smooth implementation.
Private sector representatives at the consultation welcomed the proposed digital transformation. Haja Aminata Tarawallie, District Chairlady of the Bombali Traders Union, highlighted the frustrations traders face under the existing manual registration system, describing it as cumbersome and confusing.
“Many of our members struggle with requirements such as obtaining a NIM number, which often delays the registration process,” she explained. She expressed optimism that digital registration would reduce bottlenecks and pledged to mobilize traders across Bombali District to embrace the new system.
Chairman of the Bombali District Council, Dr. Mark Baba Sesay, also endorsed the proposed reforms. He observed that the fragmentation of corporate laws has imposed administrative burdens on local councils and complicated revenue collection.
“A harmonized legal framework will ease regulatory pressure on councils and stimulate local economic growth,” Dr. Sesay noted, adding that formalization of businesses could significantly improve domestic revenue mobilization.
The Makeni consultation forms part of a nationwide validation process designed to incorporate stakeholder feedback before the Companies and Allied Matters Act 2026 is tabled before Parliament. Participants broadly agreed that the reform is long overdue and could strengthen Sierra Leone’s competitiveness in attracting both domestic and foreign investment. As the country seeks to integrate into an increasingly digital global marketplace, stakeholders expressed cautious optimism that, if properly enforced, the proposed legislation could mark a pivotal step toward sustainable economic transformation
