CAMA: You must submit details of your finances, no going back – FG declares Skip to main content

CAMA: You must submit details of your finances, no going back – FG declares

 

The Corporate Affairs Commission (CAC) has said that those wailing over the new Company and Allied Matters Act (CAMA) should better stop because there is no going back.

CAC said the new act has come to stay in the country despite the public outcry that has greeted it.

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.

The CAC Registrar-General, Alhaji Garba Abubakar, 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.”

Recall that the Christians Association of Nigeria (CAN), had recently described CAMA as satanic, demanding that the President halts the implementation of “the obnoxious and ungodly law until religious institutions are exempted from it.”

Comments

Popular posts from this blog

#BBNaija SEASON 5: Meet the housemates

After many weeks of waiting, the popular reality TV show, Big Brother Naija is back with a new season that promises to be filled with immense drama and excitement. According to organisers, MultiChoice Nigeria, the winner of this year’s edition will be going home with N85 million worth of prizes! Yes, way bigger than the previous editions. The breakdown of the prizes for the winner includes: a N30m cash prize; a top SUV; a trip to Dubai for two; a trip to Dublin; a two bedroom apartment; three smartphones; and a year’s supply of selected food stuff, snacks and drinks. There’s also a bonus prize of two VIP Tickets to watch a Champion League final game live. Meet the housemates: DORATHY Dorathy Bachor is a 24-year-old entrepreneur from Lagos. She believes she is the only one who should make you smile. Her sassiness will definitely prove to be an asset in Biggie’s house. What new habit or skill did you acquire during lockdown? I can sleep for more than four hours. I also discovered the abi

#BBNaija 2020: Get out, I’m done with you – Erica blasts Laycon

Big Brother Naija Lockdown housemate, Ngozi Nlewedim, popularly known as Erica, has berated fellow housemates, Laycon, for gossiping about her with the others. Laycon, who has a very strong feeling for Erica, seems to have been affected by the outcome of rejection as the Abia-born female housemate picked Kiddwaya over him. For this reason, Laycon has been seen at different times and locations discussing Erica and telling fellow housemates how he feels being rejected. Erica had once made it clear that while she is mentally attracted to Laycon, she is physically attracted to her lover, Kiddwaya. Addressing the housemates during Sunday’s live eviction, the reality tv show host, Ebuka had drawn the attention of Erica to things going on around her, one of which was Vee advising Laycon on how to handle his feelings for Erica. After the live eviction, Erica chatted with Vee, wondering why Laycon hasn’t moved on yet. Erica said that by now Laycon should move on and stop going around telling th

#BBNaija 2020: Kiddwaya’s mother finally speaks with Erica, details of conversation revealed

Susan Waya, mother of Big Brother Naija, BBNaija, evicted housemate, Kiddwaya, has finally reached out to ex-housemate, Erica. Mrs Waya, who spoke with Erica on phone, described the evicted BBNaija housemate as a “sweet lady.” She disclosed this to The Boss, a newspaper owned by Dele Momodu, on Monday. Mrs Waya who lives in Essex, United Kingdom said their conversation lasted for about 10 minutes. “She’s such a sweet lady… I’m looking forward to meeting her and can’t wait to see my son very soon in Lagos,” she said. Recall that Erica and Kiddwaya were involved in what many termed as a relationship while on the reality show. Though, they had their on-and-off moments, but the romantic cord between them was unmistakable. While Erica was disqualified from the BBNaija reality television show two weeks ago, Kiddwaya was evicted on Sunday.