Nigeria’s institution responsible for the registration of business and cooperate institutions, the Corporate Affairs Commission (CAC), says it will begin the implementation of Companies and Allied Matters Act (CAMA) on January 1, 2021.
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.
“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”,
The tweet read:
“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.”
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.
The law has recently generated a lot of controversies among religious bodies and call has been made for the federal government to rescind on the bill.
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