Amid controversies, CAC to implement CAMA from January 1

The Corporate Affairs Commission (CAC) has stated that it will begin the implementation of Companies and Allied Matters Act (CAMA) on January 1, 2021.

Recall that CAMA which replaced the extant Companies and Allied Matters Act 1990 was signed into law by President Muhammadu Buhari in August.

CAMA became a subject of controversy within Christendom and recieved negative reactions from some clerics who argued that the act is targeted at churches.

The presiding bishop of Living Faith Church Worldwide, David Oyedepo had said the law was borne out of the government’s jealousy for the church.

In a Twitter post on Monday, CAC said it is putting every mechanism in place to commence the implementation of CAMA on the first day of 2021.

“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”, the tweet read.

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.

CAMA 2020 provides that the commission may by order, 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 has 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.

Following the reactions from clerics and some notable Christian leaders in the country, Yemi Osinbajo, the Vice-president had counselled church leaders who are aggrieved over CAMA 2020 to approach the national assembly.