By Daisi Omokungbe
AKURE – President Muhammadu Buhari has signed into law new business legislation for company law in Nigeria, the Companies and Allied Matters Act (CAMA). This was signed by President Muhammadu Buhari on Friday, August 7, 2020.
The Companies and Allied Matters Act (CAMA) is business legislation that has been the most significant business legislation in Nigeria for three decades.
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The new CAMA was introduced to make new provisions for companies in order to promote ease and reduce regulatory difficulties in line with the Presidential Initiative on Ease of Doing Business chaired by Prof. Yemi Osinbajo, the vice president.
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CAMA also allows exemption from the appointment of Company Secretaries. The appointment of company secretaries according to the new CAMA is only required of public companies.
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The new Act restricts a person from being a director to more than five companies at a time.
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It also allows newly established private companies to have only one shareholder.
The new regulation will not doubt encourage corporate compliance during business formation.
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