On 7 August 2020, the Companies and Allied Matters Act (the “CAMA 2020”) was passed into law; repealing the Companies and Allied Matters Act of 1990 (the “CAMA 1990”). The CAMA 2020 introduces various changes to the administration of companies in Nigeria and in particular, has reduced the filing fees payable on the registration of security documents, from 1% of the secured sum for a private company and 2% of the secured amount in the case of a public company to a maximum of 0.35% of the secured sum.
In exercise of his powers under CAMA 2020, the Honourable Minister of Industry, Trade, and Investment has issued a new Companies Regulations 2021 (the ‘Regulations”). The Regulations set out the requirements and filing fees payable for all pre-incorporation and post-incorporation filings. To consolidate the amendments made under the CAMA 2020 and the Regulations, the Corporate Affairs Commission (CAC) upgraded its portal to accommodate post-incorporation filings in January 2021 (before then, the portal was only utilized for pre-incorporation filings i.e. name reservation and company registration).