The Companies and Allied Matters Act (CAMA), which is Nigeria's major business legislation was first introduced in 1990 and provides for the nature of business organisations allowed in Nigeria, incorporation/ registration of companies and other business types, filing of statutory returns and general corporate governance, amongst other things.
On 7th August, 2020, President Muhammadu Buhari assented to the new CAMA 2020, which is the first amendment to the CAMA in three decades and is viewed as a significant development in Nigeria's business legislation regime. The focus of the legislation is to, amongst others, modernize Nigeria's business commencement and organization processes, promote ease of doing business, reduce regulatory obstacles and introduce new provisions that are in line with contemporary business operations. There are, however, some provisions that have attracted scrutiny and critical commentaries from stakeholders.
This newsletter highlights some major changes introduced by the CAMA 2020 and their potential implications for businesses.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.