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The new Companies and Allied Matters Act (CAMA) 2020 enhances the ease of doing business in Nigeria
The new Companies and Allied Matters Act (CAMA) 2020 enhances the ease of doing business in Nigeria
On the 7th of August 2020, President Muhammadu Buhari assented to the Companies and Allied Matters Bill (now Act) 2020 which was recently passed by the National Assembly. The New CAMA repeals the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004.
This is a welcome innovation to the Nigerian corporate business world as it results in an overall increase in the ease of doing business. The positive changes introduced by the amendments include in respect of the incorporation of companies, limited liability partnerships, limited partnerships, registration of business names together with the incorporation of trustees of certain communities, bodies, associations, and other related matters.
The New CAMA is made of 870 Sections and divided into 7 Parts. Part A provides for the composition of the Corporate Affairs Commission, Part B provides for incorporation of companies, Part C deals with establishment of limited liability partnerships, Part D provides for…
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