The Registrar-General of the Corporate Affairs Commission(CAC) Alhaji Garba Abubakar has explained that the new Companies And Allied Matters Law makes provision of suspension of Trustees has stated the grounds upon which the government can intervene in their affairs.
Garba further explained that based on the new law, before someone can be suspended, he must be heard while recommendations made by the
CAC board and the Minister of Industry Trade and Investment for approvals.
The CAC boss explained it during the just concluded retreat organised by the Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja .
According to him, the process of suspension of Trustees as stringent arguing that even when someone is suspended, such Trustee member can approach the court to seek redress.
He said, “If you submit yourself for Regulatory oversight, you must obey the law. If you don’t want to obey the law, then don’t register. CAMA is not targeted at any particular group.
“We are talking about making our laws to be of global standards. We look at those provisions in other jurisdictions that will strengthen our legal framework.
“The difference between Association and Companies is that whatever assets that the Association owns should be used to take care of the objectives of the association and not to be shared by the trustees.
