Discover and read the best of Twitter Threads about #CAMA2020
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#HappeningNow: A virtual town hall meeting on "CAMA 2020: REGULATION OR REPRESSION?" organised by The EU-ACT/OSIWA-facilitated working group on Civil Society Regulatory Environment in collaboration with Corporate Affairs Commision.
#CAMA2020
#CAMA2020
#CAMA2020 is an inorganic piece of legislation that is liable to be abused and WILL be abused. - @ChidiOdinkalu
#CAMA2020
#LiveReport
#CAMA2020
#LiveReport
The drafting of this #CAMA2020 law is unruly, it has no safeguard to prevent abuse of power and it will definitely be abused. - @ChidiOdinkalu
#CAMA2020
#CAMA2020
Just like there are no perfect humans, there are no perfect laws. Like humans, laws are expected to grow and adapt to the changing times. It is the reason we make provisions for amendments and repeal of laws. The way to deal with an imperfect law is to amend it or enact a new one
There was a time it was lawful to deny black men & women the right to vote in the US. The 15th amendment of the US Constitution solved that problem for black men but it didn't for women (white/black) who still didn’t have the right to vote. The 19th amendment solved that problem.
But even these laws didn’t stop the discrimination of black people in several States as the Jim Crow laws (a collection of state and local statutes that legalized racial segregation) persisted regardless of the amendments. What solved that problem? The Civil Rights Act of 1964.
Thanks Prof @yomitheprof for this article. While your conclusions are not aligned with my views on this topic, I believe that most of the arguments are logical and fair.
I believe that some of the issues raised should drive the discussion for the first amendment to #CAMA2020 😁
I believe that some of the issues raised should drive the discussion for the first amendment to #CAMA2020 😁
My view points are already shared in this article here - businessday.ng/opinion/articl…
Yomi’s article is actually the best non pro-CAMA article that I have seen - it came with strong logic that is devoid of unnecessary emotions and sentiments.
Let me just share my thoughts on some of the issues raised.
Let me just share my thoughts on some of the issues raised.
EXCERPTS FROM AN INTERVIEW WITH THE REGISTRAR GENERAL OF @cacnigeria1, GARBA ABUBAKAR, ON #CAMA2020.
"In 2016, President @MBuhari made a pronouncement that Nigeria is going to establish a registered beneficiary owner of companies.
"In 2016, President @MBuhari made a pronouncement that Nigeria is going to establish a registered beneficiary owner of companies.
We now have provisions under the new CAMA Act that allows for mandatory disclosure of persons with significant control (of companies)"
"Under the new CAMA law:
- As an individual, you don’t need a second person to register your company...
"Under the new CAMA law:
- As an individual, you don’t need a second person to register your company...
It will have the same legal capacity like any other company that has 1000 shareholders & will have a separate legal personality from you. It can sue & be sued in its own name & it can exist in perpetuity
- one individual cannot combine the offices of Chairman & Chief Executive.
- one individual cannot combine the offices of Chairman & Chief Executive.
#CAMA2020: In a webinar organized by J.K Gadzama LLP, a Senior Advocate of Nigeria. Prof. Chidi Odinkalu weighs in on the much contentious sections of the new Companies and Allied Matters Act,
stating that section 839 (1) is dissolute.
See the clips:
e-lits.com/cama-2020-prof…
stating that section 839 (1) is dissolute.
See the clips:
e-lits.com/cama-2020-prof…
He quite totally agree with the RG of the Corporate Affairs Commission regarding Section 839 (1) of CAMA sitting on its own & requires no court orders to exercise, but precisely has problem with sub-section (2) which contemplates entirely a different thing &requires court order.
He did not agree with the RG on the claim or idea that what they have done is to replicate what is obtainable in the UK. That the Charities Act of the United Kingdom, 2011, which has been amended since 2016, has a very clear mechanism for control of DONATED POWER which we lack.
Let me provide additional refresher on the #CAMA2020 issues.
It is because of the PUBLIC benefit from charities that made governments to grant tax exemption to charities.
It is because of the PUBLIC benefit from charities that made governments to grant tax exemption to charities.
You cannot get the tax waivers and at the same time reject the conditions that is attached to the tax waivers (for the organization).
Another reason why some are angry with #CAMA2020 is that they don’t like this type of governance requirement that’ll make their organizations to disclose how much they are taking from the purse of the organization.
There has been an uproar about the new #CAMA2020 and regulation of NGOs. Let’s look at what the law says.
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Under the old CAMA, NGOs (including religious organizations) are registered as corporate bodies under Part C.
In line with S.608 of the old CAMA, an NGO is subject to dissolution by the court on a petition brought for that purpose by the governing board, trustees, members or the CAC on the ground that:
Femi Falana, SAN on repressive #CAMA2020 "I have read the law. It was badly drafted. A government that set out to facilitate the ease of doing business could not have come up with a 604-page business law (CAMA 2020)...It's illegal."
Registered Nigerian NGOs were regulated in the past in line with the practice in all democratic societies. The only addition which is objectionable is the power conferred on the commission to take over and manage NGOs on allegations of misconduct. It is illegal.
It's illegal because it is a violation of the fundamental right to freedom of association guaranteed by section 40 of the Constitution.”
