ABSTRACT
The importance of an effective regulatory body in a growing economy cannot be overemphasized. Hence the need for the Corporate Affairs Commission to function as such is a sine-qua-non to the provision of good legal principles that must be adhered to and effectively enforced in corporate governance. This research work, therefore covers the historical development of the Company and Allied Matter Act, its roles/functions and how it enforces the provisions of the Act. It also proffers suggestions to some challenges been faced by the Corporate Affairs Commission and re-commendations that would make them more potent as a regulatory authority.
CHAPTER ONE
GENERAL INTRODUCTION
- Introduction
The Corporate Affairs Commission hereinafter referred to as “the Commission” or CAC for short, is one of the major regulatory bodies of companies in Nigeria. The body is a creation that came into being by virtue of the Companies and Allied Matters Act (hereinafter referred to as CAMA) Cap 50, Laws of the Federation of Nigeria, now Cap C20 of the Laws of the Federation, 2004. Principally, the Commission is one of the innovations of CAMA that gives the Commission the responsibility of incorporation of companies, registration of Business Names, Incorporation of Trustee of certain committees, bodies, associations and other regulations. CAMA also introduced Corporate audit Committee, insider trading, codified the duties of directors, the fundamental principles emanated in the rules of Fossal Foss V Harbottle, the rule in Royal British Bank V Turguard.
