Companies and Allied Matters Act 2020 (CAMA)

Act 2020

Effective: 7 Aug 2020

Plain-English summary

The Companies and Allied Matters Act (CAMA) 2020 is the primary corporate statute of Nigeria, enacted into law on August 7, 2020, to update corporate activities under the jurisdiction of the Corporate Affairs Commission (CAC). The Act succeeds the defunct 1990 statute and makes significant modifications to make business easy to conduct through provisions including one-person companies, electronic transmission of shares, virtual general meetings, among others. The act is fully functional and strictly enforced, requiring the disclosure of beneficial owners for increased transparency and, at the same time, making life easy for small businesses by exempting them from annual audits and company secretary obligations.

Who it applies to

Corporates (Listed)

Topics

AML / CFT / Sanctions Corporate Governance

Official source

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