CAC receives copy of CAMA as full implementation begins January 2021
The controversial Companies and Allied Matters Act, also known as CAMA Law, assented by President Buhari in August is set to be in full implementation by January 2021.
Despite the nation wide condemnation that greeted the CAMA law, the administration of president Mohammadu Buhari seems not to be perturbed in implementing its provisions.
The Companies and Allied Matters Act (CAMA) which the government said will create an enabling ground for businesses in the country states that religious bodies and non-governmental organisations will be strictly regulated by the Registrar-General of Corporate Affairs Commission and a supervising minister.
The law also wields power to suspend the trustees of an association or a religious body and appoint an interim manager or managers to coordinate its affairs where it reasonably believes that there had been any misconduct or mismanagement, or where the affairs of the association are being run fraudulently or where it is necessary or desirable for the purpose of public interest.
However, credible sources who are in the know authoritatively informed ElombahNews that the Corporate Affairs Commission has officially taken delivery of a copy of the Gazetted CAMA, 2020 from the Clerk of the National Assembly on Thursday 19th November 2020 and is putting machinery in place to commence full implementation by 1st January 2021.
Religious leaders in the country however have furiously criticised the new law and also accused the government of attempting to meddle into their business.