Nigeria: CAC Seeks Legislative Power to Sanction Erring Firms

26 March 2012

The Corporate Affairs Commission (CAC) has sought the amendment of the Companies and Allied Matter Act from the National Assembly, to empower the Commission to remove erring Directors of Companies and officers from office in line with the practice in most countries of the world.

This is even as the Senate Committee on Trade and Investment faulted the power of the commission and that of the Minister of Trade and Investment to appropriate funds to the commission insisting that only National Assembly has the constitutional right to do so The CAMA, which stipulates the power of the agency in charge of companies' registration in Nigeria has been in existing for the past 20 years and there is a general consensus that it should be amended to meet international best practices.

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