President Muhammadu Buhari says the Companies and Allied Matters Act, 2020, which he recently signed into law would enhance transparency and corporate accountability.
This was disclosed in a statement titled “CAMA Act will help us fight corruption, President Buhari explains at UNGA high-level summit.” by Femi Adesina, the Special Adviser to the President on Media and Publicity.
Adesina said Buhari spoke in a video message presented at the Open Government Partnership 2020 Virtual Leaders’ Summit on the sidelines of the 75th Session of the United Nations General Assembly in New York, United States.
This is coming at a time the Christian Association of Nigeria faulted some provisions of the law, describing it as satanic.
The President was quoted as saying, “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.”
Speaking on the outbreak of the COVID-19 infection in Nigeria, Buhari said it is clear that governments cannot solve all the challenges of the pandemic alone, adding that the citizens need to support the government in the fight against the disease.