CAMA: FG ignores warnings, calls on organizations involved to to subject finances for auditing

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The Corporate Affairs Commission, CAC has ignored all wailings and warnings against the Company and Allied Matters Act, CAMA saying the new act has come to stay in the country.

The Commission said it was only waiting for the legislature to gazette it for immediate implementation of the law.

The CAMA bill was recently signed into law by President Muhammadu Buhari, and was included in his list of achievements for the last one year.

Alhaji Garba Abubakar, the CAC Registrar-General, while speaking to Commerce Correspondents Association of Nigeria (CICAN) in Abuja yesterday wondered why the act was being opposed by religious bodies, especially the churches.

“They must henceforth subject their finances and expenditures for proper auditing, and copies sent to us at the CAC,” he said.

He explained further, “The new legal framework applies to all organizations registered with us; be it a religious organisation, NGO or CSO.

“Remember that they also have constitutions guiding them. The criteria to be a trustee of registered organisations are clearly spelt out in the laws establishing them.

“How is it that a registered member who qualifies to be a trustee in an organisation would not want government to know how the organisation is run? What are the responsibilities of the trustees?

“What are the responsibilities of the governing council or the board? How do you manage the affairs of the organisation? How do you use or expend the income and properties of the organisation? How do you appoint members of the governing board? These are the issues the new CAMA has come to address.”

12 Comments

  1. Ok! To submit the financial details for auditing, no problem about that. But there are many questions to be raised i.e does the government transparent enough about their dealings, does the government publish their financial details etc. Before asking those who registered with them to bring their financial details. Government should lead by example.

  2. This is crazy. A government that cannot audit it’s own account successfulIy wants to audit other organizations. I think the federal government has interest in the prosperity of the church. Let them reveal their agenda

  3. In everything we are dealing with, we should do it with fear of God. In many of government agencies there is no transparency in the organization for instance national assembly asked NDDC to submit their financial details nothing to show for it, the same thing with NCDC then what are you saying. You should look into these before going out.

  4. Always end your day with a positive thought. No matter how things are, tomorrow is another chance to make things better for finaces

  5. Mhhh!!!!
    I still don’t know much about the activities of this body called CAMA.
    But nevertheless, if it is something that will move the nation forward, so be it but if it is something that is enemical to the society, the government should look inwards and find ways of repealing the law

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