Thread by @NigeriaGov

EXCERPTS FROM AN INTERVIEW WITH THE REGISTRAR GENERAL OF @cacnigeria1, GARBA ABUBAKAR, ON #CAMA2020.

"In 2016, President @MBuhari made a pronouncement that Nigeria is going to establish a registered beneficiary owner of companies.

We now have provisions under the new CAMA Act that allows for mandatory disclosure of persons with significant control (of companies)"

"Under the new CAMA law:
- As an individual, you don’t need a second person to register your company...

It will have the same legal capacity like any other company that has 1000 shareholders & will have a separate legal personality from you. It can sue & be sued in its own name & it can exist in perpetuity

- one individual cannot combine the offices of Chairman & Chief Executive.

This is to ensure checks and balances. You cannot be a Director in more than 5 public companies, and even where it is less than 5, you have to disclose those public companies that you are serving as Director.

- For small companies, they are exempted from annual general meetings.

They don’t have to hold formal annual general meetings. They are also exempted from mandatory requirement of audit and appointment of Secretary”- Garba Abubakar
#CAMA2020

“Development globally on registration of associations & charities have moved beyond anybody’s imagination.

And in any case, these organizations are not for profit, there has to be a lot of scrutiny on how the income and property of these associations are managed and there is to be a clear separation between the income of these associations and the income of the founders and trustees.”