I ndependent Shareholders Association of Nigeria(ISAN) has thrown its weight behind the new Companies and Allied Matters Act (CAMA) President Muhammadu Buhari signed into law on August 7, 2020.
However,ISAN National C0-ordinator,DR Anthony Omojorla was cautious in his praise,saying that ISAN does not expect the new act to be perfect,but said what the association has observed is that the new CAMA is 21st century compliant. Nevertheless,he pointed out that some religious bodies and NGOS are not happy with the rules and regulations contained in the new act which many see as draconian.
Thus looking at the business and SME”s regulations going forward,he said the act will add impetus to the ease of doing business in the country,saying that the 30 years difference between the first CAMA and the second CAMAhas made it a well come development.
It should be recalled that the Christian Association of Nigeria(CAN)and the Pentecostal Fellowship of Nigeria(PFN) rose against the new Company and Allied Matters Act, CAMA, 2020, describing some of its provisions unacceptable. While CAN President, Reverend Samson Ayokunle, described the act as a time bomb even as PFN made plain its plan to go to court to challenge it.
The new CAMA stipulates that religious bodies and charity organisations would be strictly regulated by the Registrar-General of the Corporate Affairs Commission, CAC, and a supervising minister.
According to CAN “The law, to say the least, is unacceptable, ungodly, reprehensible and an ill-wind that blows no one any good. It is a time bomb waiting to explode,’’ the president said.
Ayokunle disclosed that: “At the public hearing, the Bill that sought to bring the religious organizations and NGOs under the control and influence of the government was totally rejected because it would snuff life out of the church and rank the church as a secular institution under secular control.”