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Section 2 CAMA 2020 – Establishment of Governing Board of the Commission

Section 2 Companies and Allied Matters Act, 2020, is about Establishment of Governing Board of the Commission. It is under PART A (CORPORATE AFFAIRS COMMISSION) of the Act.

Establishment of Governing Board of the Commission

(1) There is established for the Commission, a Governing Board (in this Act referred to as “the Board”) which shall be responsible for performing the functions of the Commission.

(2) The Board shall consist of—
(a) a chairman who is appointed by the President on the recommendation of the Minister, and who, by reason of his ability, experience or specialised knowledge of corporate, industrial, commercial, financial or economic matters, business or professional attainment, is capable of making outstanding contributions to the work of the Commission ;

(b) one representative of the—
(i) business community, appointed by the Minister on the recommendation of the Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture,
(ii) legal profession, appointed by the Minister on the recommendation of the Nigerian Bar Association,

(iii) accountancy profession, appointed by the Minister after consultation with professional bodies of accountants as are established by Acts of the National Assembly,

(iv) Institute of Chartered Secretaries and Administrators of Nigeria, appointed by the Minister on the recommendation of the Institute,
(v) Nigerian Association of Small and Medium Enterprises, appointed by the Minister on the recommendation of the Association,
(vi) Manufacturers Association of Nigeria, appointed by the Minister on the recommendation of the Association,

(vii) Securities and Exchange Commission not below the rank of a Director or its equivalent, and
(viii) each of the Federal Ministries of Industry, Trade and Investment, Justice and Finance who shall not be below the rank of Director ; and (c) the Registrar-General of the Commission.


Section 1 CAMA 2020Establishment of the Corporate Affairs Commission

See also  Section 154 Companies and Allied Matters Act 2020

Section 3 CAMA 2020Tenure of office and vacancy on the Board

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