The establishment of the Corporate Affairs Commission as an autonomous body was as a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry, a department within the Federal Ministry of Commerce and Tourism which was then responsible and administration of the repealed Companies Act of 1968.
Bello Mahmud, Registrar-General/CEO.
The Corporate Affairs Commission has carried out an in-house review of the provisions of the Companies and Allied Matters Act 1990 (CAMA), Cap C20 Laws of the Federation of Nigeria 2004, with a view to bringing it up-to-date with current global best practices in company regulation and administration. 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.
Since coming into force in 1990, the CAMA has not witnessed any major amendment. However, the passage of time and development in both the Nigerian and global economies have made some of the provisions of the Act impracticable and inadequate to meet current challenges in company regulation and administration.
In line with the drive of the current Administration to improve the ease of doing business in Nigeria, the Commission invites submissions/inputs from all stakeholders and the general public on the proposed review and the Draft Bill.