CAMA ACT WILL HELP US FIGHT CORRUPTION-BUHARI
President Muhammadu Buhari on Thursday said the Companies and Allied Matters Act, 2020 (CAMA) would help Nigeria in its fight against corruption by promoting corporate accountability and transparency.
The President disclosed this while speaking virtually at the Open Government Partnership (OGP) 2020 Virtual Leaders’ Summit on the sidelines of the 75th Session of the United Nations General Assembly (UNGA75) in New York, United States.
Religious and civil societies have kicked against the controversial CAMA act which President Buhari signed in August 2020, over concerns that some provisions of the law could be arbitrarily used by the government to victimise religious and civil organisations.
Human Rights lawyer and Activist Femi Falana argued that the new law gave too much power to the Registrar General of the Corporate Affairs Commission which could be abused.
Speaking at a virtual town-hall meeting on Thursday, September 23, Falana, highlighted sections of the newly signed law that are offensive.
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The human rights lawyer quoted Section 389 that empowers the CAC to suspend the Board of Trustees of an organisation in crisis and appoint an interim committee to manage its affairs.
According to Falana, “The Administrative Proceedings Committee will be headed by the Registrar General of the CAC; so, he is going to be the accuser, the prosecutor and also the judge to decide who is wrong or right. He is also going to be empowered to impose penalties on any organisation who fails to file returns. These powers are draconian.”
Falana also condemned Section 831 of the law, which, he said, empowers the RG of the CAC to merge two organisations forcefully. Section 851 of the law, also empowers the CAC to set up an Administrative Proceedings Committee, headed by the RG of CAC, to resolve internal disputes in an organisation.
However, the representative of CAC RG, Nidiya, dismissed Falana’s claim saying there would not be room for abuse as the Board of Trustees of an organisation will only be suspended after recommendations from a Board of Inquiry which would be set up by the CAC.