The implementation of the Companies and Allied Matters Act (CAMA) will commence on January 1, 2021, according to the Corporate Affairs Commission (CAC).
CAMA, which repealed and replaced the extant Companies and Allied Matters Act, 1990, was signed into law by President Muhammadu Buhari in August.
But the law became a subject of controversy within Christendom as some clerics argued that it is targeted at churches.
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David Oyedepo, presiding bishop of Living Faith Church Worldwide, had said the law was borne out of the government’s jealousy for the church.
In a Twitter post on Monday, CAC said it is putting every mechanism in place to commence the implementation of CAMA on the first day of 2021.
Centre for corporate Governance, Dr. Ebenezer Ebun Sonaiya on a courtesy call to the Commission.
Alhaji Garba further revealed that the tool to be used for the implementation— Corporate Affairs Commission (@cacnigeria1) November 23, 2020
including the Nigerian Stock Exchange and the NBA Section on Business Law amongst others.
Garba Abubakar stated that when the implementation starts, all changes will be carried out electronically adding that concerns over e-signatures— Corporate Affairs Commission (@cacnigeria1) November 23, 2020
The Registrar General also revealed that upon the implementation of the CAMA,2020, the Commission will discard the issuance of Certified True Copies in accordance with data protection regulations and only issue extracts from companies records.
— Corporate Affairs Commission (@cacnigeria1) November 23, 2020
the RG described as worrisome, situations where people obtain CTCs only to later imitate signatures in attempt to steal other peoples’ companies or lands and expressed confidence that the CAMA, 2020 will go a long way in addressing such concerns.
— Corporate Affairs Commission (@cacnigeria1) November 23, 2020
Ebenezer Ebun Sonaiya described the training held virtually with 42 Attendees as successful and thanked the CAC for being part of it. He therefore requested for continued partnership with the Commission and urged it
— Corporate Affairs Commission (@cacnigeria1) November 23, 2020
He used the forum to appreciate the Commission’s reform initiatives and called on the Registrar General to sustain the tempo in accordance with global best practices.
— Corporate Affairs Commission (@cacnigeria1) November 23, 2020
The law stipulates that religious bodies and charity organisations will be regulated by the registrar-general of the Corporate Affairs Commission (CAC) and a minister.
CAMA 2020 provides that the commission may by order, suspend the trustees of an association or a religious body and appoint an interim manager or managers to coordinate its affairs where it reasonably believes that there has been any misconduct or mismanagement, or where the affairs of the association are being run fraudulently or where it is necessary or desirable for the purpose of public interest.
Vice-President Yemi Osinbajo had earlier counselled church leaders who are aggrieved over CAMA 2020 to approach the national assembly.
Azuka Azinge is the acting registrar-general of CAC.
