The federal government has commenced the review of the guidelines for incorporation of companies limited by guarantee in Nigeria.
At a workshop organised by the Federal Ministry of Justice in Abuja Wednesday, the director, Solicitors Department, Mrs Gladys Odegbaro, said the guideline was designed to achieve consistency in processing of applications for the mandatory authority to reduce time for processing same and give advance notice of requirements to stakeholders like Nigerian Bar Association (NBA), Corporate Affairs Commission (CAC) etc.
“This workshop aims at addressing challenges and issues associated with processing applications for the Attorney-General’s authority for the registration of companies limited by guarantee under the Companies and Allied Matters Act, 2020.
“Section 26 (4) of CAMA 2020 Provides that the Memorandum of Association of a company limited by guarantee shall not be registered without the Authority of the Honourable Attorney General of the Federation. Section 26 (5) imposes a timeframe within which the Authority should be granted, except further information or documents required,” she said.
At the workshop, a comprehensive address was carried out by Mr Uchechukwu Kalu via paper presentations.
Speaking to newsmen, Kalu, a deputy director in the ministry stated that the signing of the Executive Order by the president in 2017 necessitated that businesses must be conducted in a more transparent manner.
“In the discharge of our daily functions, we discovered that clients did not really understand what to do in preparing their Memorandum of association.
“So, this workshop is designed to save our time, help people to understand better and know what to do and more importantly, look at the application so as to prevent a frivolous application,” Kalu stated.
A Desk Officer at the Corporate Affairs Commission (CAC), Yahaya Shaibu Abubakar, described the workshop as timely, saying the sensitization was apt and encouraging.
At the interactive sessions, participants at the workshops, there were questions and answers forum, where participants engaged the reviewers on applicability and workability of the processes.
