President Muhammadu Buhari has insisted that the Companies and Allied Matters Act (CAMA) which he signed into law on August 7 will aid in the fight against corruption.
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), President Buhari insisted that it will enhance transparency and corporate accountability in the fight against corruption.
“International and domestic perceptions regarding Nigeria’s commitment to fight corruption and foster good governance,” said the President.
”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.”
The CAMA 2020 Act, since the assent by the president, has been a subject of controversy with many Christian religious leaders rejecting it on the grounds that subjects churches to the same laws as companies.