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COMPANIES AND ALLIED MATTERS ACT 2020; ALL YOU NEED TO KNOW

G.O. SODIPO AND CO.

NEWSLETTER

September, 2020 Edition

On the 7th of August 2020, President Muhammed Buhari gave assent to the Bill that repealed the Companies and Allied Matters Act (CAMA), Cap C20, LFN 2004 (“Old Act”) and re-enacted the Companies and Allied Matters Act (CAMA), 2020 (“New Act”). The New Act has 870 sections, some of which were retained from
the old Act, others modified and quite a number of sections were introduced.
The new Act seeks to boost the Ease of Doing Business in Nigeria, and a welcome progressive development from the old Act which had been in existence for 30 years. The new Act is divided into 7 parts; Part A covers the Corporate Affairs Commission (CAC), Part B- Incorporation of Companies and Incidental Matters, Part C- Limited Liability Partnership, Part D- Limited Partnership, Part E- Business Names, Part F- Incorporated Trustees, Part G- General Provisions.
Note: This review does not cover the provision of the Act on Incorporated Trustee’s as it relates with the controversy on Churches.
Some of the notable changes and innovations are highlighted below;

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