The Corporate Affairs Commission (CAC) has started an in-house review of the Companies and Allied Matters Act (CAMA), which has been in operation for over 20 years.
The commission director of Public Affairs, Churchill Williams, said in a statement that the review was “part of efforts to bring the CAMA in conformity with current global trends in company administration and regulation” The statement said the act, which established the CAC in 1990, requires substantial amendments to enable it keep pace with changing economic circumstances and modern business practices.
“The amendment will strengthen the regulatory and enforcement powers of the commission. To this end, the commission has put together a draft bill for the repeal of the act and enactment of the Companies and Allied Matters Act 2016,” the statement said. The commission invited submissions, inputs and comments from the public and professional bodies on the draft bill.