President Muhammadu Buhari has said that the recently passed Companies and Allied Matters Act, 2020 in Nigeria will enhance transparency and corporate accountability in the fight against corruption.
Buhari signed CAMA into law on August 7 and it caused uproar especially among religious leaders.
Under the law, religious bodies and charity organisations will be strictly regulated by the Registrar-General of Corporate Affairs Commission and a supervising minister.
But speaking at the Open Government Partnership 2020 virtual leaders’ summit on the sidelines of the 75th Session of the United Nations General Assembly, the President said the law will enhance transparency and corporate accountability in the fight against corruption.
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.
”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.”