Key Changes Introduced by
       CAMA 2020
       Companies and Allied Matters Act 2020
                Introduction On August 7, 2020, President 
                                                              Muhammadu Buhari signed into law 
                                                              the companies and Allied Matters 
                                                              Act (CAMA) 2020. It is undoubtedly, 
                                                              our country’s most significant 
                                                              business legislation in 30 years and 
                                                              it introduces notable new provisions 
                                                              that facilitate ease of doing business 
                                                              and reduce regulatory hurdles as 
                                                              listed out overleaf.
      Key Changes Introduced by   CAMA 2020 Companies and Allied Matters Act 2020                                  2
                                       Single Under S.18 (2), it is now possible for 
                                                              a single person to form a private 
                                                              company in Nigeria. This is consistent 
                                Member with what prevails in some other 
                                                              countries such as the UK, India and 
                      Companies Singapore. 
                                                              However, the person cannot be a 
                                                              minor.
      Key Changes Introduced by   CAMA 2020 Companies and Allied Matters Act 2020                                  3.
                            Minimum S.27 of the new CAMA, replaces 
                                                              “authorised share capital” with 
                                                              “minimum share capital”. The 
             Share Capital implication being that promoter(s) of 
                                                              a business are not required to pay for 
                                                              or allocate shares that are not needed 
                                                              at the specific time of incorporation.
      Key Changes Introduced by   CAMA 2020 Companies and Allied Matters Act 2020                                  4.