CAMA Law Will Help Government Fight Corruption —Buhari

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Nwolu Obiajulu

Obiajulu Nwolu is an established writer at africannewstoday.com. He is passionate about African affairs. He loves writing about interesting facts relating to the African continent and enjoys sharing his knowledge with others.

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President Muhammadu Buhari has said that the Companies and Allied Matters Act, 2020 recently passed into law in Nigeria will aid transparency and corporate accountability in the fight against corruption.

The CAMA bill which was signed into law by President Buhari on August 7 was opposed by religious leaders.

The law requires religious and charity organisations to be regulated by the Registrar-General of Corporate Affair Commission and a supervising minister.

Clarifying the purpose of the law, President Buhari while speaking at the Open Government Partnership 2020 virtual leaders’ summit on the sidelines of the 75 Session of the United Nations General Assembly, 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.”