Powers and Duties of the Corporate Affairs Commission as a Regulatory Body in Nigeria

Abstract

The Corporate Affairs Commission was established by section 1 of the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria, 2004 (CAMA). The Corporate Affairs Commission is a regulatory body, established to regulate the incorporation, running and winding up of companies, business names and incorporated trustees, in accordance with CAMA. While performing these functions, it has the enabling power entrenched in it by law to aid its carrying out it functions. The aim of this article is to examine these duties and the enabling powers with a view to assessing whether these powers are adequate to enable it carry out these functions and duties. The problems encountered by the Commission while carrying out these duties will be examined. Finally, recommendations will be proferred on how to solve these problems.