Despite Opposition, CAC To Implement CAMA January 1
The Corporate Affairs Commission said it is putting machinery in place to commence full implementation of the controversial Company and Allied Matters Act 2020 on January.
The commission disclosed this in a statement on its official Twitter handle on Tuesday.
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The CAMA 2020 was signed by Nigeria President Muhammadu Buhari on Friday, August 7 2020, a legislation that repeals CAMA 1990.
The CAC said, “The Corporate Affairs Commission has officially taken delivery of a copy of the Gazetted CAMA, 2020 from the Clerk of the National Assembly on Thursday 19th November,2020 and is putting machinery in place to commence full implementation by 1st January,2021.”
CAMA had received mixed reaction from the business and religious communities. It is targeted at boosting Small and Medium Enterprises among others.
The government had said the new legislation would attract more foreign investment into the country.
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Part of provisions of the new legislation allows for the establishment of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs) companies, which combine organizational flexibility and tax status of a partnership with the limited liability of members of a company.
According to the Nigerian government, CAMA 2020 was also designed to enhance corporate governance and reduce regulatory hurdles and would reshape the face of Nigeria’s economic activities over time.
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