The Companies And Allied Matters Act 2020 X2013 What You Need To Know Part 9 Schemes Of Arrangement News Today : Breaking News, Live Updates & Top Stories | Vimarsana
BACKGROUND
The Companies and Allied Matters Act (Chapter C20) Laws of the
Federation of Nigeria 2004 (“CAMA 1990”) was initially
made law in Nigeria in 1990 as a decree of the military
government. It was modelled on the English Companies Act
1985. For thirty years, there were no significant amendments
to the CAMA 1990, notwithstanding that England has, over the past
three decades, amended and replaced its own Companies Act.
Nigerian companies had to, essentially, rely on a 30-year old law
to govern the way businesses operate in our dynamic and
exponentially evolving global community. However, this all
changed on Friday the 7th of August 2020, when President Muhammadu