The Re‐Establishment of the Corporate Affairs Commission under the Companies and Allied Matters Act of 2020 in Nigeria: A Critical Appraisal
DOI:
https://doi.org/10.62726/tlj.v1i2.18Keywords:
Companies and Allied Matters Act (CAMA), Corporate Affairs Commission (CAC), Federal Competition and Consumer Protection Act, Federal Regulation Services Coordinating Committee, National Financial Intelligence Unit, Pre‐Action Notice, Securities and Exchange Commission (SEC)Abstract
The Companies and Allied Matters Act 2020 (CAMA 2020) re‐established the Corporate Affairs Commission (CAC) as the apex regulatory agency for companies’ operations. Never in the history of Nigeria has the legislation on companies’ regulation and practice been criticised like CAMA 2020. Thus, this article examines the government agency created to implement CAMA 2020, the CAC. The article aims to show that the new CAC’s board composition gives the impression that it is poised to make ease of doing business a reality, but a critical evaluation of the composition of the board as is presently constituted reveals that it may not
achieve that purpose. The article asserts that until the board is enlarged to accommodate other regulatory agencies in the corporate sector, the CAC cannot become stronger thann its predecessor, and effective performance of the enormous responsibilities bestowed on its shoulders by CAMA will not be fully achieved. The article concludes that there is a need to equip the CAC with more competent personnel from other related regulatory agencies on the governing board to ensure the success of the overall objectives of the Act.
