The Registrar-General, Corporate Affairs Commission , Mr. Garba Abubakar, yesterday allayed fears that the commission was determined to hunt down churches and other organisations following the recent amendment of the Companies and Allied Matters Act, 2020.
Speaking at a two-day retreat of the Commerce and Industry Correspondents Association of Nigeria Abuja, themed:’COVID-19 Pandemic and New Reform Initiatives by CAC’, he said registered entities had nothing to fear provided they comply and operate within laid down regulations adding that non-compliance would attract sanctions going forward.
He said even in the eventual suspension of any trustee, the law did not grant the commission absolutely and autocratic powers as aggrieved individuals reserved the right to seek legal redress up to the Supreme Court. He said the implementation of the new CAMA would likely commence by October when the National Assembly would have gazetted the legislation.
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