President Muhammadu Buhari says the Companies and Allied
Matters Act (CAMA) will aid the federal government’s fight against corruption.
Buhari signed CAMA into law on August 7. The law has sparked
a controversy, especially from religious leaders.
Under the law, religious bodies and charity organisations
will be strictly regulated by the registrar-general of Corporate Affairs
Commission (CAC) and a supervising minister.
CAMA provides that the commission may by order, suspend the
trustees of an association or a religious body and appoint an interim manager
or managers to coordinate its affairs where it reasonably believes that there
has been any misconduct or mismanagement, or where the affairs of the
association are being run fraudulently or where it is necessary or desirable
for the purpose of public interest.
But David Oyedepo, founder of the Living Faith Church
Worldwide, said the law was borne of out the government’s jealousy about the
prosperity recorded by the church.
Oyedepo questioned the rationality behind subjecting
churches to the same laws as companies, describing the church as God’s heritage
on earth.
But speaking at the Open Government Partnership (OGP) 2020
virtual leaders’ summit on the sidelines of the 75th Session of the United
Nations General Assembly (UNGA), Buhari said the law will enhance transparency
and corporate accountability in the fight against corruption.
The president said part of the reason he passed the law is
to change “international and domestic perceptions regarding Nigeria’s
commitment to fight corruption and foster good governance”.
”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,” he 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.
”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.”
The president said being a member of OGP has helped the
government in its journey towards earning the trust of 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,” he said.
On the COVID-19 pandemic, Buhari told the audience that it
has become clear that governments cannot solve all the challenges alone,
calling for cooperation.
”We face a significant contraction in the global economy in
2020; the world is facing the unprecedented twin challenges of managing the
health and economic impacts of the pandemic,” He said.
”In these times, citizens worldwide are seeking more
information, engagement, and support from their governments.”
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