Cac nigeria new amendment
You're referring to the new amendment to the Companies and Allied Matters Act (CAMA) in Nigeria!
The Companies and Allied Matters Act (CAMA) is a federal law in Nigeria that regulates the incorporation, registration, and management of companies, as well as other business entities. The law was enacted in 1990 and has undergone several amendments since then.
The latest amendment to CAMA was signed into law by President Muhammadu Buhari on August 7, 2021. The amendment aims to modernize the law and make it more business-friendly, while also addressing some of the challenges faced by companies in Nigeria.
Some of the key changes introduced by the amendment include:
- Simplified registration process: The amendment introduces a more streamlined and online-based registration process for companies, which is expected to reduce the time and cost of registration.
- Increased penalties for non-compliance: The amendment increases the penalties for non-compliance with CAMA, including fines and imprisonment for directors and officers of companies that fail to comply with the law.
- Enhanced corporate governance: The amendment introduces new provisions to enhance corporate governance, including the requirement for companies to have a minimum of two directors and a company secretary.
- Increased transparency: The amendment requires companies to disclose more information in their annual returns, including details of their directors, shareholders, and financial statements.
- New forms of business entities: The amendment introduces new forms of business entities, including the limited liability partnership (LLP) and the limited partnership (LP).
- Simplified winding up process: The amendment simplifies the process for winding up companies, which is expected to reduce the time and cost of liquidation.
- Increased powers of the Corporate Affairs Commission (CAC): The amendment gives the CAC more powers to regulate companies, including the power to investigate and prosecute companies that violate the law.
Overall, the amendment is expected to improve the business environment in Nigeria by making it easier to register and operate companies, while also promoting transparency and accountability.