Its been over thirty years since the Companies and Allied matters Act (CAMA) 1990 Cap C20, LFN 2004 was enacted into law. Since then, the global business environment and parameters have undergone several changes.
It became very obvious that CAMA 1990 has become obsolete and needed to be updated to meet global business realities.
Consequently, the National Assembly on the 10h of March 2020, passed into law the Companies and Allied matters Act (Repeal and Re-Enactment) Bill 2020. Specifically, on the 7th of August 2020, President Muhammadu Buhari gave his assent to it thereby making it a full-blown law and an Act of the National Assembly.
An examination of the Companies and Allied Matters Act 2020 reveals its objectives. One of which is the creating of a more business-friendly regulatory environment with an emphasis on Micro, Small, and Medium Enterprises (MSMEs). Among other things, the Act seeks to reduce the minimum share capital for companies, introduce E-Registration in compliance with international best practices, and promoting the ease of doing business in Nigeria.
Generally, the Act has rightly lifted off from small companies the burden of engaging the services of a company secretary and holding an annual general meeting. (See section 330(1) and 237(1) of the Companies and Allied Matters Act 2020).
Download for a token a copy of the Act along with our introductory notes. The introductory notes are aimed at giving you at a glance an overview of the innovations of the Companies and Allied Matters Act, 2020.