The Honourable Minister for Industry, Trade and Investment on 31 December 2020 approved the Companies Regulations 2021 (“CR 2021” or “the Regulations”), pursuant to Section 4 of the Companies and Allied Matters Act (CAMA) 2020. The CR 2021, which was published by the Corporate Affairs Commission (CAC or “the Commission”), replaces the Companies Regulations, 2012 issued pursuant to the repealed CAMA, 1990.
The Regulations includes provisions that are aimed at leveraging technology to automate certain CAC’s administrative processes, clarifying certain compliance requirements of the CAMA 2020, and providing a comprehensive governance and procedural framework, in line with global regulatory best practices.
We have highlighted below some of the significant changes in the Regulations as follows:
The CR 2021 provides for the automation of CAC’s preand post-incorporation procedures in line with the Federal Government’s mandate of improving the ease of doing business in Nigeria. These procedures include electronic authentication of documents submitted through the Commission’s web portal, delivery of electronic certified true copies of documents in lieu of physical documents and online real-time update of changes to information already submitted to the Commission, among others. Please click here to access our previous Regulatory Alert in this regard.
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