Overview Of: DANGER!!! The New CAMA Law Is A Misplaced Priority, An Evil Agenda By FG Against Churches, NGO (Do You Agree?)
On the 7th August, 2020, President Muhammadu Buhari signed the Companies and Allied Matters Bill, which was recently passed by the National Assembly, into law.
The new Companies and Allied Matter Act (“CAMA 2020” or “the Act”) introduces new provisions to reflect modern commercial realities as well as reduce compliance costs and regulatory hurdles for businesses in Nigeria.
The CAMA 2020 repeals the CAMA 1990 and amongst other provisions introduces the following changes:👇
- Provisions for a single member/shareholder companies whereby, under the CAMA 2020, a private company can be established with only one member or shareholder.
- Authorized Share Capital has now been replaced with Minimum Share Capital. Thus, the promoters of a business do not need to pay for shares that are not needed at a specific time with the introduction of minimum share capital provision
- Filing, share transfer and meetings can now be done electronically by private companies
- Annual General Meetings can now be held virtually for all companies
- Introduction of Statement of Compliance which can be signed by an applicant or his agent, confirming that the legal requirements with respect to registration have been complied with. This serves as an alternative to the requirement to submit a Declaration of Compliance, which required the signature of a lawyer or attestation before a notary public
- Exemption of small companies or companies with single shareholders from the requirement to appoint Auditors
- The requirement for appointment of a company secretary is now optional for private companies
- Introduction of Limited Partnerships and Limited Liability Partnerships in Nigeria which provides the organizational flexibility and tax status of a partnership with the limited liability of members of a company for partnerships
- Reduction of filing fees for registration of charges
- Merger of Incorporated Trustees
- Restriction on multiple directorship in public companies, this prohibits a person from being a director in more than five public companies at the same time
- Business rescue provisions for Insolvent Companies
- Enhancement of Minority Shareholder Protection and Engagement – The Act restricts private companies from appointing a director to hold the office of the Chairman and Chief Executive Officer.
Now the functionalities of CAMA are all good, butI am totally against the CAMA law personally. You should too!
The law would have been good in a functional society not a dysfunctional society like Nigeria where there is too much over reach from the government , whose only interest is to protect and promote their selfish interests at all times.
The CAMA law is not good for the country and democracy, this not about the Church alone. It’s about subjugation and control.
Imagine a situation where Richard Idasenibo who runs an NGO and constantly criticizes Buhari in ways he dislikes, he(Buhari) will order CAC registrar or coordinating minister to take over the Richard Idasenibo’s company and claim mismanagement and there is nothing anyone can do about it. He will then appoint his stooges and the new management will be in his pocket.
Another example is,
If Buhari is interested in the election of the NBA and his candidate can’t win the NBA election, he will ask the registrar to take over the NBA and claim mismanagement. We all know these things and how they work here in Nigeria.
U get the point now abi?
There is an interior evil agenda behind this new CAMA LAW. Not for the betterment of NIGERIA.
In summary, if you’re an Anti-Buhari for example, and runs an NGO, your company might be taken over for mismanagement. You might be arrested and charged to court immediately.
You get the point now abi?
I will drop pen here, but before I do, I would like to hear from you all.
What’s Your Take On The (“CAMA 2020” or “The Act”) A Welcome Development or An Evil Agenda?
Drop comment below