Companies and Allied Matters Act, 2020

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Companies and Allied Matters Act, 2020
National Assembly of Nigeria
  • An Act to repeal the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004 and enact the Companies and Allied Matters Act, 2020 to provide for the incorporation of companies, limited liability partnerships, limited partnerships, registration of business names together with incorporation of trustees of certain communities, bodies, associations; and for related matters
CitationAct No. 3 of 2020
Enacted by National Assembly of Nigeria
Enacted7 August 2020
Assented to7 August 2020
Commenced7 August 2020
Status: Current legislation

The Companies and Allied Matters Act, 2020 (CAMA 2020) is a Nigerian federal legislation that governs the establishment and management of companies in Nigeria. [1] It supersedes and replaces the Companies and Allied Matters Act, 2004, which was itself an update of the Companies Act of 1968. The CAMA 2020 is the most substantial legal reform of the Nigerian corporate sector in over three decades. [2]

Background

The CAMA 2020 is the outcome of a lengthy and comprehensive reform process that started in 2004, when the Nigerian government set up a committee to review the CAMA 1990 (which was based on the UK Companies Act of 1948) and suggest amendments to align it with global trends and best practices. [3] [4] The committee delivered its report in 2008, and a draft bill was prepared and submitted to the Minister of Justice and Attorney-General of the Federation in 2010. [5] However, the bill encountered several legislative obstacles and delays, and was not passed until 2018, when it was sent to the President for assent. [6] The President, however, withheld his assent to the bill, pointing out some drafting and legal errors. The National Assembly then amended the bill and passed it again in 2019, and sent it to the President in March 2020. [7] The President finally gave his approval to the bill on 7 August 2020, making it an Act of the National Assembly. [8]

The CAMA 2020 has been widely commended by various stakeholders, including the Nigerian Bar Association, the Institute of Chartered Accountants of Nigeria, the Nigerian Economic Summit Group, and the International Finance Corporation, as a landmark reform that will improve the ease of doing business, attract foreign investment, and foster economic growth in Nigeria. [9] [10]

However, the CAMA 2020 has also faced some criticism and controversy, especially from some religious groups and civil society organisations, who have expressed concerns over some of its provisions, such as the regulation of non-governmental organisations, the suspension of trustees, and the merger of incorporated trustees. [11] [12] Some of these groups have called for the amendment or repeal of the CAMA 2020, or have threatened to challenge it in court. [13]

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References

  1. ↑ "Company and Allied Matters Act (CAMA) 2020: Enhancing a better business environment for MSMEs in Nigeria Under AfCFTA". CSEA AFRICA. 11 May 2021. Retrieved 27 February 2024.
  2. ↑ "CAMA 2020: The good and not-so-good provisions you should know". TheCable. 30 August 2020. Retrieved 27 February 2024.
  3. ↑ "The Repeal and Re-Enactment of The Companies and Allied Matters Act- A Bold Step Towards Business Reform". TEMPLARS Law. 1 February 2024. Retrieved 27 February 2024.
  4. ↑ Corporate Affairs Commission (10 August 2020). "Federal Republic of Nigeria Official Gazette - Companies and Allied Matters Act, 2020" (PDF). Retrieved 19 February 2024.
  5. ↑ Okonkwo, C.O. Prof. (21 February 2022). The Imperatives of Law Reform in the Law Making Process. p. 14. Retrieved 28 February 2024– via National Institute for Legislative and Democratic Studies.
  6. ↑ Bayagbon, Oluwatoyin (23 January 2019). "CAMA amendment, 'largest' business reform bill in 28 years, scales third reading". TheCable. Retrieved 28 February 2024.
  7. ↑ Oladipo, Oladehinde; Ailemen, Anthony (7 August 2020). "Buhari signs amended Companies and Allied Matters Bill, CAMA 2020 into law". Businessday NG. Retrieved 28 February 2024.
  8. ↑ Kalu, Okorie; Edokpayi, Peter (20 August 2020). "Chapter 26 CAMA 2020: Insolvency Professionals, A Miscellany Issue?". Welcome to Mondaq. Retrieved 28 February 2024.
  9. ↑ Nation, The (18 August 2020). "NBA hails Buhari for signing CAMA 2020". The Nation Newspaper. Retrieved 28 February 2024.
  10. ↑ "Blogpost". The Nigerian Economic Summit Group. 17 September 2021. Retrieved 28 February 2024.
  11. ↑ "CAN rejects CAMA, says government cannot 'control churches". Premium Times Nigeria. Retrieved 28 February 2024.
  12. ↑ "The Church of God under CAMA: Defensible or Dangerous?". THISDAYLIVE. 25 August 2020. Retrieved 28 February 2024.
  13. ↑ Olabimtan, Bolanle (22 April 2023). "Court strikes out nine sections of CAMA 2020 over rights violations". TheCable. Retrieved 28 February 2024.
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