Author(s) :

Prof. Veronica Ekundayo, Prof. Adekumbi Imosemi2, Adesewa Makinde.

Volume/Issue :

Abstract :

The regulatory framework applicable to not-for-profit organizations (NFPOs) in Nigeria are multifaceted and have evolved significantly over time. The legal landscape governing NGOs in Nigeria is primarily shaped by the Companies and Allied Matters Act (CAMA) 2020, which introduced substantial reforms aimed at enhancing the operational efficiency and accountability of these organizations. One of the critical aspects of CAMA 2020 is its emphasis on the accountability and transparency of NFPOs. The Act requires NFPOs to maintain accurate financial records and submit annual returns to the Corporate Affairs Commission (CAC). This measure is intended to ensure that NFPOs operate within the bounds of the law and maintain public trust. However, some stakeholders have expressed concerns about the potential for abuse of power by regulatory bodies, given the extensive authority granted to them under the Act. The objective of this paper is to examine the adequacy of the regulatory framework for not-for-profit organisations in Nigeria. Whilst it is important that NFPOs be properly regulated, there shouldn’t stringent laws which may stifle the operations of NFPOs. This calls for all stakeholders to be involved in the reforms proposed for this sector.

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