Companies and Allied Matters Act
CAN: We never approached National Assembly on CAMA
File Photo Christian Association of Nigeria (CAN) has clarified its position on the controversial Companies and Allied Matters Act (CAMA), disclosing that it has not approached the current National Assembly for any amendment on the Act. CAN General Secretary, Joseph Daramola, in a statement explained that the response was to contradict media reports quoting CAN President, Dr. Samson Ayokunle, as accusing the National Assembly of not assisting the Association when CAMA was being amended. Part of statement noted, “we want to make it abundantly clear that CAN President was not referring to the current National Assembly, because CAN never approached the federal lawmakers on the controversial law. “CAMA is not a product of the 9th Assembly but the previous Assembly (8th Assembly). It’s our expe...
Court declares SEC sanctions against Oando management null, void
Wikipedia Oando shareholders in the persons of Alhaji Yakubu Gumel; Alhaji Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, bagged yet another win at the Federal High Court (FHC) Kano, in a suit filed against the Securities and Exchange Commission (SEC) for overreaching its powers. Justice A. Lewis Allagoa presiding over the ruling dismissed the regulators preliminary objection and granted all the reliefs sought by the Oando Shareholders. The FHC Kano dismissed SEC’s objection on the basis that the shareholders’ claims fall under their rights as shareholders according to the Companies and Allied Matters Act (CAMA) and is therefore not a capital markets i...
CAC withdraws registration of ‘Enough is Enough’
The Corporate Affairs Commission, CAC, Tuesday cancelled the registration of the Business name ‘Enough is Enough’ with immediate effect. The commission disclosed this on its Twitter handle, @cacnigeria1. “Based on the provisions of Section 579 (2) of the Companies and Allied Matters Act, (CAMA), the Corporate Affairs Commission has cancelled the registration of the Business name “Enough is Enough BN 2210728” with immediate effect. “The Business Name “Enough is Enough” which was registered in 2012 to engage in General Contracts, Sales of Sport Equipment/Promotion deviated from its main objectives over the cause of time. “Consequently, the Commission has removed it from its database and advised the proprietors to surrender the certificate earlier issued to them.” Get more stories like this o...
President Buhari: CAMA Act will help us fight corruption
President Muhammadu Buhari Thursday explained that the recently passed Companies and Allied Matters Act, 2020 (CAMA) in Nigeria will enhance transparency and corporate accountability in the fight against corruption. President Buhari spoke in a video message presented at the Open Government Partnership (OGP) 2020 Virtual Leaders’ Summit on the sidelines of the 75th Session of the United Nations General Assembly (UNGA75) in New York, United States. ”Since the inception of our Administration in 2015, the Government has been committed to changing international and domestic perceptions regarding Nigeria’s commitment to fight corruption and foster good governance. ”We focused on the task of dealing head-on with this destructive monster, which led to us joining the Open Government Partnership and...
CAN: CAMA 2020 dangerous to national interest
File Photo The Christian Association of Nigeria on Tuesday demanded the suspension of the Companies and Allied Matters Act 2020. CAN, in a position paper, said CAMA 2020 “has the potential that can further undermine the faith of stakeholders in the Nigerian-state.” This is just as the Presidency said CAMA did not target religious organisations. It accused some politicians of latching on to the criticism of CAMA to wrongly characterise its purposes as an anti-religious law. The Special Assistant to the President on Niger Delta Affairs and former National Assembly Presidential Liaison Officer, Senator Ita Enang, made the clarification during a brief ceremony at the secretariat of CAN in Abuja where he received the position paper of CAN on behalf of President Muhammadu Buhari. The letter sign...
VP Osinbajo: CAMA issues can be addressed through amendment by National Assembly
In an effort to allay fears expressed by the leadership of the Church about the recently enacted Companies and Allied Matters Act (CAMA) 2020, Vice President Yemi Osinbajo, SAN has said concerns can be processed through possible amendment of the contentious section of the law through a proposal to the National Assembly. The Vice President stated this on Thursday during a special conversation at the ongoing Nigerian Bar Association (NBA) Annual General Conference. Responding to a question about reactions to CAMA, the Vice President said: “what can be done is that, whatever the proposal for amendment may be, whatever the views of the leadership of the church may be, regarding the question of how the trustees, whether they are interim trustees or not, can be put in the form of a proposal that...
