The Corporate Affairs Commission (CAC) says it will begin the implementation of Companies and Allied Matters Act (CAMA) on January 1, 2021.
CAMA, which repealed and replaced the extant Companies and Allied Matters Act, 1990, was signed into law by President Muhammadu Buhari in August.
But the law became a subject of controversy within Christendom as some clerics argued that it is targeted at churches.
David Oyedepo, presiding bishop of Living Faith Church Worldwide, had said the law was borne out of the government’s jealousy for the church.
In a Twitter post on Monday, CAC said it is putting every mechanism in place to commence the implementation of CAMA on the first day of 2021.
“The Corporate Affairs Commission has officially taken delivery of a copy of the Gazetted CAMA, 2020 from the Clerk of the National Assembly on Thursday 19th November 2020 and is putting machinery in place to commence full implementation by 1st January 2021”, the tweet read.
The law stipulates that religious bodies and charity organizations will be regulated by the registrar-general of the Corporate Affairs Commission (CAC) and a minister.
CAMA 2020 provides that the commission may by order, suspend the trustees of an association or a religious body and appoint an interim manager or managers to coordinate its affairs where it reasonably believes that there has been any misconduct or mismanagement, or where the affairs of the association are being run fraudulently or where it is necessary or desirable for the purpose of public interest
Vice-President Yemi Osinbajo had earlier counseled church leaders who are aggrieved over CAMA 2020 to approach the national assembly.