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CAMA 2020: CAC Declares Companies Inactive For Failure To File Annual Returns

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The Corporate Affairs Commission has declared large numbers of limited liability companies inactive for their failure to submit their audited financial returns and transactions. The CAC Registrar-General, Garba Abubakar, disclosed this at a forum with members of the Commerce and Industry Correspondents Association of Nigeria, CICAN, in Abuja. He said despite initial uproar by religious bodies, the implementation of CAMA 2020 has commenced since January 1 this year. The Registrar General also noted that no company has been de-listed by the Commission as the process of delisting the names of companies under the new law is cumbersome. The CAC Boss further explained that the new Act is made up of 870 Sections, as opposed to the 613 sections in the 2004 Act) and is divided into seven Parts. Track Up It would be recalled that President Muhammadu Buhari on August 7 assented to the Companies and Allied Matters Bill, 2020 passed by the National Assembly with the new Act repealed the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2000 and enacted the Companies and Allied Matters Act, 2020 to provide for the incorporation of companies, limited liability partnerships, limited partnerships, registration of business names as well as the incorporation of trustees of certain communities, bodies, associations; and other related matters.

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