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CSOs call for extension of deadline on inputs to CAMA regulation draft

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A coalition of civil society groups has called on the Corporate Affairs Commission (CAC) to extend the deadline for stakeholders to submit contributions to the Draft Companies Regulations made under the Company and Allied Matters Act (CAMA) 2020.

A letter, which was signed by 38 civil society organisations argued that CAMA has 870 sections while the regulations is a 268 paged document.

According to them, given the importance of the regulations to the applicability of the Act, it is important the stakeholders are given adequate time to properly review it and make submission. 

They argued that the one-week timeline was insufficient. The groups also explained that to get an aggregate of comments from stakeholders would take many days and that many of them just got to know about the release of the draft regulation recently.

The letter read: “Given the impact of the consultation to the civil society sector and in line with global best practices, the principles of fairness, transparency, we urged CAC to extend the deadline for submission for 10 working days.”

As drafted, the document will guide the implementation of relevant portions of the CAMA (2020) signed by President Muhammadu Buhari in August.

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