CAMA law best for Nigeria, will reduce corruption, says Buhari

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CAMA law best for Nigeria, will reduce corruption, says Buhari

By Adeosun Aliu, Abuja

 

President, Mohammadu Buhari has said that the Companies and Allied Matters Act, 2020 will raise the profile of Nigerian economic and social communities.

Buhari recently signed the bill into law. The Special Adviser to the President on Media and Publicity, Femi Adesina in a statement said ‘CAMA Act will help us fight corruption” made available for Irohinoodua.

Expressing the position of the President, he said “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.”\

The CAMA law has faced scathing criticisms from the civil rights movement and radical lawyers who said sections of the law violates the rights and obligations of private companies and the civil society.

However, Buhari said “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.

According to the President, “The Act provides a legal framework for the implementation of Beneficial Ownership Information Disclosure in Nigeria.

He argued that “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.”

The media quoted the Kaduna State CAN Chairman and CAN Vice-Chairman, 19 Northern States and Abuja, Rev. Joseph Hayab to have 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.”

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