Cac nigeria new amendment 2018

You're referring to the new amendment to the Companies and Allied Matters Act (CAMA) in Nigeria, which was signed into law in 2018.

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 first enacted in 1990 and has undergone several amendments since then.

The 2018 amendment to CAMA introduced several significant changes to the law, including:

  1. Simplified Company Registration Process: The amendment introduced a more streamlined and online-based company registration process, which is expected to reduce the time and cost of registering a company in Nigeria.
  2. Increased Minimum Share Capital: The amendment increased the minimum share capital required to incorporate a private company from N10,000 to N200,000.
  3. New Forms of Business Entities: The amendment introduced new forms of business entities, including the Limited Liability Partnership (LLP) and the Incorporated Trustees of a Trust.
  4. Enhanced Corporate Governance: The amendment introduced new provisions aimed at enhancing corporate governance, including the requirement for companies to have a board of directors and to maintain proper records.
  5. Increased Penalties for Non-Compliance: The amendment increased the penalties for non-compliance with the provisions of CAMA, including fines and imprisonment.
  6. New Provisions for Foreign Companies: The amendment introduced new provisions governing the registration and operation of foreign companies in Nigeria.
  7. Increased Powers of the Corporate Affairs Commission (CAC): The amendment gave the CAC more powers to regulate and monitor the activities of companies in Nigeria, including the power to investigate and prosecute companies for non-compliance with the law.

These are some of the key changes introduced by the 2018 amendment to CAMA in Nigeria. If you have any specific questions or need further clarification on any of these changes, please feel free to ask!