FG: Full implementation of CAMA law will start January 1, 2021

FG: Full implementation of CAMA law will start January 1, 2021

- The federal government says it is going ahead with the controversial CAMA law

- The government's insistence on the law is despite the widespread opposition to the new policy

- The Corporate Affairs Commission has officially taken delivery of a copy of the Gazetted CAMA, 2020 from the National Assembly

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The federal government has revealed that the full implementation of the controversial CAMA law will start on January 1, 2021.

This was disclosed on behalf of the government by the Corporate Affairs Commission (CAC).

The commission made this known via a tweet on Monday, November 23.

The commission revealed that it has officially taken delivery of a copy of the Gazetted CAMA, 2020 from the Clerk of the National Assembly on Thursday, November 19.

FG: Full implementation of CAMA law will start January 1, 2021
The Buhari administration seems to be keen on the CAMA act. Photo credit: @MBuhari
Source: Twitter

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It further revealed that machinery is already in place to commence full implementation of the CAMA act by the beginning of next year.

Some Nigerians have been commenting on the CAC's announcement on social media.

Arinola Ifeoma wrote on Twitter:

“This is good news. Well done CAC. By fire by force, all of us will learn in this Nigeria.”

Femi Adebayo wrote:

“I hope it berths our new dawn, as I have been trying to register business name since last year November 2019 no headway till now.”

Adewale Fajana wrote:

“This is good news. Hopefully, we can lay hands on it and make good use of it.”

Salim Ayofe wrote:

“Because of CAMA, some worship centers have started transferring assets to private individuals, doctoring books before January 2021.”

Alaba Awolaja wrote:

“I can't wait for the implementation as I'm interested in the LP/LLP provisions. I've gotten approval for my business name registration already. Please do quick.”

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Recall that President Muhammadu Buhari was recently asked by the Socio-Economic Rights and Accountability Project (SERAP) to rescind his assent to the Companies and Allied Matters Act, 2020 (CAMA 2020).

The group advised the president to send the legislation back to the National Assembly to address its fundamental flaws, including removal of what it termed "repressive provisions of the Act".

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