There will be no hiding place for businesses that run afoul of the Company and Allied Matters Act (CAMA), as the Corporate Affairs Commission (CAC) has set up a committee to enforce penalties.
CAC issued a notice on its X (formerly Twitter) handle to inform the public of this committee.
The Administrative Proceedings Committee (APC) of the CAC is empowered to impose sanctions on businesses that run afoul of any section of the CAMA.
This means the committee will actively seek out businesses that fail to abide by the CAMA and mete penalties that could include revoking business licenses, among others.
Beyond enforcing the CAMA, the committee will improve the ease of doing business for private, public, and non-government organisations.
The APC is empowered to adjudicate grievances from or against registered business entities in Nigeria.
The CAC encouraged businesses to bring their complaints before the committee, emphasizing that this approach would help them avoid costly and prolonged court cases by providing a more efficient resolution process.
It also said in the case of criminal-related matters, the committee can recommend prosecution.
The statement reads:
Dissatisfied parties may proceed to the Federal High Court, which will serve as an appellate court for decisions taken by the Administrative Proceedings Committee.
Based on section 851 of the CAMA, the Administrative Proceedings Committee will have the CAC registrar general as its chairman.
It will also have a representative from the Federal Ministry of Industry, Trade, and Investment; as well as five other representatives from different departments of the Commission including the Compliance Department. None of these representatives will be below the grade level of a director.
Registered businesses can forward their complaints and grievances to the committee by sending an email to apc@cac.gov.ng
In related news, the CAC announced its intentions to delist 100,000 businesses from its list of companies over non-compliance.
The compiled list includes registered businesses that have failed to comply with the CAMA provisions for 10 consecutive years.
However, the CAC extended 90 days of grace for the affected businesses to comply and stay on the business register.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
