The Companies and Allied Matters Act 2020 ("CAMA 2020" or the "Act") was signed into law and gazetted with a commencement date of 7 August 2020. The Act, which repeals the 1990 Act, introduces sweeping changes to Nigeria's business environment.
The Corporate Affairs Commission ("CAC") has also issued the Companies Regulations 2021 (the "Regulations") to serve as the implementation framework for CAMA 2020.
Some of the key compliance obligations for companies, partnerships, and other business entities under CAMA 2020 and the Regulations include:
- Notification of person(s) with significant control and substantial shareholder (Sections 119 & 120)
- Disclosure of remuneration of managers (257)
- Certification of financial statements by CEO/CFO (Section 405)
See our alert for more details.
Download PwC Regulatory Alert_Key Compliance Obligations under CAMA 2020_April 2020
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