the designated officer of the Court appointed to act as
receiver;
a liquidator;
a combination of any of the persons listed in (i) to (iv)
above.
Administration can also be commenced out of court. This
happens where an administrator is appointed by either the company
itself, its directors or the holder of a floating charge that meets
the stipulated conditions.
Where an appointment is made out of court, the person that
appointed the administrator is required to file a notice of
appointment, and such other documents as may be prescribed, with
the Corporate Affairs Commission (the CAC ), and in some
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
Offices burnt as fire breaks out at immigration headquarters thecable.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecable.ng Daily Mail and Mail on Sunday newspapers.
By James Emejo
The Registrar-General, Cor-porate Affairs Commission (CAC), Alhaji Garba Abubakar, yesterday said it is working out modalities for granting amnesty on annual returns to registered entities including companies, business names and incorporated trustees.
He said details of the proposed relief programme would be announced before the first quarter of the year.
Speaking in an interview with THISDAY, he also stated that despite the adverse impact of the COVID-19 pandemic, the commission generated about N19 billion in 2019 above the N18.2 billion target.
He added that the commission also hoped to surpass the N20 billion revenue target for 2021 by leveraging electronic systems transactions for majority of its operations going forward.