CAC's Magaji Calls for Effective Use of CAMA 2020 Tools

On Thursday, Mr. Hussaini Ishaq Magaji (SAN), the Registrar General and Chief Executive Officer of the Corporate Affairs Commission (CAC), addressed members of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) at their International Conference 2026. He emphasized the need to translate the legal tools provided by the Companies and Allied Matters Act (CAMA) 2020 into measurable outcomes, such as rescuing viable businesses and preserving jobs.

Magaji highlighted that CAMA 2020 marks a shift from a liquidation-focused approach to one that emphasizes rescue and recovery. He outlined essential tools like restructuring, administration, and liquidation, and stressed the importance of a modern insolvency system that facilitates early intervention.

He also mentioned the Insolvency Regulations 2022, which ensure practitioners are competent and ethical. Mr. Albert Folorunsho, President of BRIPAN, noted the progress made since CAMA 2020's introduction and called for discussions on its implementation and emerging technologies in the insolvency sector.