Introduction
Since its enactment, the Companies and Allied Matters Act 2020 (CAMA or the Act) has been commended as a significant development in the Nigerian corporate regulatory framework as it aims to improve the business landscape in Nigeria. The Act has also been applauded for introducing provisions targeted at raising Nigeria’s ease of doing business ranking. However, despite these commendations, there are certain innovations in CAMA which have elicited commentary from stakeholders.
In particular, the provisions of CAMA with respect to the regulation and investigation of incorporated trustees under Part F as well as the establishment of the Administrative Proceedings Committee under Part G have both been declared null and void by the Abuja Division of the Federal High Court (FHC) in the case of Emmanuel Ekpenyong v The National Assembly & 2 Ors. The FHC, in this case, declared that these provisions are inconsistent with the 1999 Constitution of the Federal Republic of Nigeria (as amended) (“the Constitution”).
