The President of the Institute of Chartered Accountants of Nigeria (ICAN), Dame Onome Adewuyi FCA, has described the newly enacted Companies and Allied Matters Act (CAMA) 2020 as a step in the right direction.
Speaking at the a virtual seminar on CAMA hosted by the Institute recently, Dame Adwuyi said the new law is a commendable initiative of the Federal Government which shows that it was alive to its responsibility to enact laws and regulations that proactively respond to emerging economic dynamics and the rapidly challenging business models.
The new CAMA, she said “aims to encourage the growth of startups thereby expanding the entrepreneurial base of the country”. “Another important aspect is the provision for electronic filing, electronic file transfer and e-meetings of private companies.
The 56th President pointed out that the formalization of company operations via electronic communication platforms indicates that “Nigeria has been deliberate in studying the recent global trends and aligning its laws and policies to the new normal”. She implored players in the economy to acquire deep understanding of the new CAMA in order to leverage various opportunities that it has afforded them for business expansion.