Legal Nigeria

CAC insists CAMA will promote business growth

The Corporate Affairs Commission (CAC) has insisted that the Companies and Allied Matters Act (CAMA) 2020 aligns with the interest of business owners and promotes the ease of doing business in the country.
Director, Board Secretariat (CAC), Justine Nidiya, said this during an interactive session between the CAC and Civil Society Organisations (CSOs) organised by the British Council and Agents for Citizen-Driven Transformation.
He said: “Before now, you require the consent or the authorisation of the Attorney General to register a company. But now, what the law tries to do is to give a time frame to the Attorney General within which he should indicate whether he authorises or declines authorisation of the registration of a company. Under the new regime, the Attorney General has 30 days to signify whether he assents or rejects authorisation for the registration of a company limited by guarantee. Once the Attorney General does not do that, the promoters are free to do a publication in the newspaper and thereafter go ahead to register the company limited by guarantee.
“Section 40 replaces what we call a statutory declaration of compliance with what is now called the statement of compliance. The statement of compliance is not required to be authorised like the previous one, and also the first directors or first subscribers to the memorandum can file the statement of declaration.
“This is also an innovation into the old regime. It was meant to make things easier for those that want to register a company and consequently to promote ease of doing business.”
The National programme manager EU, Damilare Babalola said the focus programme was to support an improvement in the legal and regulatory environment of CSO in terms of how they work and also to enhance their capacity to function effectively in the areas of respective focus.

Source: Guardian Newspaper