After 3 decades, Buhari reviews Companies and Allied Matters Act (CAMA)

PRESIDENT Muhammadu Buhari today assented to the Companies and Allied Matters Bill, (CAMA) 2020 recently passed by the National Assembly.

Femi Adesina, Special Adviser to the President (Media & Publicity) in a statement to the media on Friday confirmed the development.

The assent therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introduced 30 years ago, with several corporate legal innovations geared toward enhancing ease of doing business in the country according to the Presidency.

Presidency emphasized that the innovations include:

“Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

“Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;

“Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

“Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

“Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives” he stated.

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Hon. CARL UMEGBORO is a legal practitioner (Barrister & Solicitor of the Supreme Court of Nigeria and human rights activist. As an advocate of conflict resolution through ADR (Alternative Dispute Resolution), he has acquired intensive training and has been inducted into The Chartered Institute of Arbitrators (United Kingdom) as an Associate. He is a prolific writer and public affairs analyst. Prior to his call to Bar as a lawyer, he has been a veteran journalist and columnist in all national newspapers, and has over 250 published articles in various newspapers to his credit. Barrister Umegboro is also a regular guest-analyst to many TV and radio programme on crucial national issues. He can be reached through: (+234) 08023184542, (+234) 08173184542 OR Email: umegborocarl@gmail.com

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