The Registrar-General, Corporate Affairs Commission (CAC), Garba Abubakar, has assured business operators and Nigerians at large that the new CAMA 2020 will not fail to meet the good expectations of businesses in the country as it kicks off in January 2021.
He made this known at a stakeholders’ forum put together by Institute of Directors, Nigeria, (IoD) on theme, “CAMA 2020: Matters Arising And The Way Forward”, pledging the commission’s resolve to provide solutions to business challenges confronting Micro, Small and Medium Scale enterprises through advanced technology and digitalization of operations.
While admitting that the amended Act may not be a perfect piece of legislation, he said it had the capacity to deliver the desired legal framework for a globally competitive economy.
“Though there are controversies on the new CAMA 2020, but the truth is that the Act has introduced measures to make Nigerian company law better fitted to today‘s realities, improve the business environment and performance across the economy as well as reduce direct compliance costs for businesses.
“Entry thresholds and regulatory compliance bottlenecks for new and existing businesses have been reduced. Other areas of improvement in the legal and regulatory framework are: relaxation of governance requirements in the case of small and private companies in the areas of statutory minimum for membership, general meetings, accounts, audit among other improvement,” he said.