CAC to review law to meet best practices

The Corporate Affairs Commission (CAC) has concluded plans to review the provisions of the Companies and Allied Matters Act 1990 (CAMA), as part of its efforts to bring it in conformity with current global trends in company administration and regulation.

The Commission said the Companies and Allied Matters Act requires substantial amendments to enable it keep pace with changing economic circumstances and modern business practices.

The Special Assistant to the Registrar-General Garba Abubakar said a bill will be presented to the National Assembly on Friday, in order to review the over 20 year laws that are no longer in tandem with current business realities in Nigeria and the rest of the world.

CAC said the amendment will strengthen the regulatory and enforcement powers of the Commission.

To this end, the Commission has put together a Draft Bill for the repeal of the Act and enactment of the Companies and Allied Matters Act 2016.
To ensure an all embracing and holistic review, the Commission has invited submissions, inputs or comments from the General Public and professional bodies on the Draft Bill.