Nigeria Internet Registration Association (NiRA)

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THE IMPLICATIONS OF CAMA 2020 TO BUSINESSES IN NIGERIA

The Nigeria Internet Registration Association (NiRA) organized a webinar to raise awareness about the implications of the Company and Allied Matters Act 2020 (CAMA 2020) on businesses and the business environment in Nigeria. The webinar, themed “The Implications of CAMA 2020 to Businesses in Nigeria”, held on Tuesday, June 29, 2021.

We need to recall that the CAMA 2020 (“the Act”) came into effect on the 7th of August 2020 when it was signed by His Excellency, President Muhammadu Buhari GCFR. Amongst many other benefits, the “Act” introduced measures to ensure efficiency in the registration and regulation of corporate vehicles and reduce the compliance burden of small and medium enterprises (SMEs). The new CAMA also introduced Limited Liability Partnership and Limited Partnership business structure.

Mrs. Edith Udeagu, the Executive Secretary of the Nigeria Internet Registration Association (NiRA), whilst welcoming the participants, had remarked that with the challenges associated with COVID-19 in the year 2020, some SMEs had re-evaluated their business model and moved their businesses online, using the .ng domain name for their online businesses. It was necessary for these businesses to be conversant with the provisions of CAMA 2020. She mentioned that NiRA was keen on the enlightenment webinar for companies who use the .ng domain names for their websites and email addresses.

The invited speakers were Mr. Okey Nnebedum, Senior Associate, Jackson, Etti & Edu; Mr. Cephas Caleb, Senior Associate, Aluko & Oyebode; and representatives from the Corporate Affairs Commission (CAC).

The webinar sought to ensure that NiRA’s stakeholders understood the implications of CAMA 2020 to their businesses and ensure that Nigerian businesses understand the importance of compliance to CAMA2020. The webinar provided an opportunity to enlighten Nigerians on the .ng brand and the need for Nigerian businesses to use the .ng domain name for their business websites and email addresses.

Speaking on the implications of CAMA 2020 on businesses, Mr. Nnebedum implied that the Act advances ease of doing business in Nigeria by setting standards for company management and governance, shares and shareholders, and the structures of business organizations in Nigeria. The legal luminary detailed in his presentation the meaning of CAMA 2020 and its strategic implication for business formation, operation, management, and structure.

Mr. Cephas Caleb, from Aluko & Oyebode, outlined how CAMA evolved over the years and the innovation the new Act contained. According to the Senior Associate, the innovation introduced in CAMA 2020 included but was not limited to company regulation 2021, classification of corporate trustees, CAC online portal, common seal, electronic signatures, and digitized forms, amongst others.

In attendance at the webinar were stakeholders from the legal, regulatory, and business verticals in Nigeria. NiRA expressed its appreciation to the participants.