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CAC boss explains suspension of trustees in CAMA Law - The Revealer
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CAC boss explains suspension of trustees in CAMA Law

The Registrar-General of the Corporate Affairs Commission(CAC) Alhaji Garba Abubakar has explained that the new Companies And Allied Matters Law makes provision of suspension of Trustees has stated the grounds upon which the government can intervene in their affairs.

Garba further explained that based on the new law, before someone can be suspended, he must be heard while recommendations made by the
CAC board and the Minister of Industry Trade and Investment for approvals.

The CAC boss explained it during the just concluded retreat organised by the Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja .
According to him, the process of suspension of Trustees as stringent arguing that even when someone is suspended, such Trustee member can approach the court to seek redress.

He said, “If you submit yourself for Regulatory oversight, you must obey the law. If you don’t want to obey the law, then don’t register. CAMA is not targeted at any particular group.

“We are talking about making our laws to be of global standards. We look at those provisions in other jurisdictions that will strengthen our legal framework.

“The difference between Association and Companies is that whatever assets that the Association owns should be used to take care of the objectives of the association and not to be shared by the trustees.
Source: blueprint.ng

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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