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Things All Entrepreneurs Must Know about CAMA 2020

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Entrepreneurship has its ups and downs. There are good times you’ll be happy you chose that path, and there’ll be times you wish you had done other things. However, to increase the chances of having more good moments than the bad ones, it is necessary to understand certain things, about the new CAMA 2020.

It is to make clear to you these things that AfricaHacks hosts AfricaHacks hosts Christine Sijuwade to discuss what Nigerian Entrepreneurs need to know about the new CAMA 2020. 

Christine is a partner at Udo Udoma & Belo-Osagie, who championed Companies and Allied Matters Act 2020, which President Muhammadu Buhari assented on 7th August 2020.

Udo Udoma & Belo-Osagie Christine Sijuwade led the drafting Sub-Committee and served as a member of the Technical Advisory Committee that prepared the initial draft bill. On the CAMA 2020 Webinar, Christine Sijuwade discussed what Nigerian entrepreneurs need to know about the new CAMA 2020.

Here are some of the highlights from the Webinar on the new CAMA

  • According to CAMA 2020, Small companies can now have one director, and annual general meetings are no longer required. 
  • Company records and certain CAC registration and filing processes are now digital.
  • As an entrepreneur, one of the foremost things on your mind is to keep costs low. However, do not do that at the expense of losing your company by signing or incorporating without full understanding or a lawyer’s help.
  • Anyone who has more than 5% of your companies’ share will need to be registered for increased transparency.
  • With CAMA 2020, companies can buy back shares from shareholders.
  • Certain changes have been make to share capital, to help businesses.

Want more than the highlights? You can also watch a recording of the live session here.