FINANCE UPDATE- CAMA 2020

On the 7^th of August 2020, President Muhammadu Buhari signed the Companies and Allied Matters Bill into law. Companies and Allied Matters Act (CAMA 2020) has been described as a new development geared toward improving:

Þ   The ease of doing business

Þ   Confidence in the business environment

Þ   Stimulating economic growth

 

Some of the reforms includes:

v A company can have only one shareholder.

v Company seal is no longer a mandatory requirement. Prior to CAMA 2020 one of the requirements for incorporating a company is that such company must have a company seal.

v Appointing a company secretary is no longer mandatory for private companies.

v Merging of two or more incorporated Trustees with similar aims. Also, Trustees of Non-Governmental Organizations (NGOs) can now be suspended, and an interim manager(s) be appointed to manage the affairs of the NGO to protect public interest or where there is reason to believe such NGO is involved in fraudulent activity and misconduct.

v Prohibition of directors from serving in more than 5 public companies at the same time.

v Electronic filing and share transfer for private companies

v Exemption from appointing an Auditor at AGM by Small companies or companies with only a single shareholder.

v Replacement of Authorized share capital with minimum share capital.

v Provision for virtual General Meeting in accordance with the company Article of Association. Prior to CAMA 2020, AGM must be held in the registered address of the company.

v Provision for rescuing insolvent companies rather than allowing them become insolvent.

v Reduction in filing fees for registrations to 0.35% of value of the charge

 

What are your thoughts about the new reforms?

Will these reforms significantly improve the ease of doing business?

To what extent will these reforms bring about economic growth?

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