By Bayo Onanuga
The new Companies and Allied Matters Act(CAMA) signed into law recently by President Muhammadu Buhari has generated a lot of reactions, especially from NGOs and churches.
What is it about the law that has made these groups charging like the bulls against it?
P.M. NEWS has asked respected Lagos lawyer Iyabo Arinola Awokoya to lend some perspective into the law, to help readers.
We dare say she has done a clinical job of it.
A teaser: The CAMA is good for the business landscape of Nigeria. It is good for the private sector, good for the public sector and definitely good for the Civil Society Sector. The much- maligned S.839 of the CAMA that the NGOs and other Incorporated Trustees take umbrage against is a protection that the law affords to the general public. A trustee will be removed to preserve the ‘res’. If a Church’s Board of Trustees want to avoid running afoul of S.839, they should be transparent and accountable to their congregation and to the CAC. Other nations in “saner climes” as they are mischievously called in Nigeria have similar provisions to S.839″.
Iyabo, who was called to the Nigerian Bar in 1982, describes herself in the social media space as someone “who loves Nigeria to bits”.
She is a proudly multi-disciplined lawyer, development and management consultant, podcaster, author and mediator.
Until she founded the law chambers, Awokoya and Awokoya with her husband in 1986, Iyabo had cut her legal teeth, learning at the chambers of late Chief Gani Fawehinmi and later Chief Robert Clark.
Tomorrow, Friday 28 August, her insight on CAMA 2020, written in the layman’s language, will be published on this platform.
Watch out for it.