President Muhammadu Buhari, on Thursday, said the Companies and Allied Matters Act (CAMA) 2020, which he recently signed into law, would enhance transparency and corporate accountability and help the fight against corruption.
The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement titled: ‘CAMA Act will help us fight corruption, President Buhari explains at UNGA high-level summit’.
The presidential spokesman said Buhari spoke in a video message presented at the Open Government Partnership 2020 Virtual Leaders’ Summit on the sidelines of the 75th Session of the United Nations General Assembly in New York, United States.
The President spoke at a time stakeholders, including the Christian Association of Nigeria, are faulting some provisions of the law.
Adesina quoted the Buhari as saying, “Since the inception of our administration in 2015, the government has been committed to changing international and domestic perceptions regarding Nigeria’s commitment to fight corruption and foster good governance.
“We focused on the task of dealing head-on with this destructive monster, which led to us joining the Open Government Partnership and making reform commitments such as to establish a public central register of beneficial owners of corporate entities.
“Since then, we have made significant progress in implementing tougher anti-corruption measures, including my recent assent to the Companies and Allied Matters Act, 2020.
“The Act provides a legal framework for the implementation of Beneficial Ownership Information Disclosure in Nigeria.
“Being an OGP member-country has helped Nigeria learn from other countries tackling similar challenges, and to build a coalition to support these reforms across the private sector and civil society. It has also aided our journey towards building citizens’ trust in government.”
Buhari encouraged Nigerians to get involved in the OGP and help shape and sustain the country’s democracy now and in the future.
On the COVID-19 pandemic, he said it had become clear that governments could not take on all the challenges alone.
He argued that it was only through open governance and working with citizens that nations could succeed.
Reacting to Buhari’s submission on CAMA, the Kaduna State CAN Chairman and CAN Vice-Chairman, 19 Northern States and Abuja, Rev. Joseph Hayab, said, “Unfortunately, CAMA can only teach groups and bodies in this country to learn the tricks of corruption as it is done in many government offices where fictitious cheques are written on the last few days of the year to justify that money has been spent.
“CAMA law works where government is responsible to people; not where she is taking milk from the people.”