Thursday, September 24, 2020

CAMA law will enhance transparency, says Buhari


The President , Major General Muhammadu Buhari ( retd . ) , on Thursday, said the Companies and Allied Matters Act , 2020 which he recently signed into law would enhance transparency and corporate accountability and help the fight against corruption.

The Special Adviser to the President on Media and Publicity , Femi Adesina , disclosed this in a statement titled “ CAMA Act will help us fight corruption, President Buhari explains at UNGA high- level summit. ”

The presidential spokesman 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 .

The President spoke at a time stakeholders, including the Christian Association of Nigeria , are faulting some provisions of the law.

Adesina quoted the President as saying that “ 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 . ”

On the COVID - 19 pandemic , Buhari said it had become clear that governments cannot solve all the challenges of the pandemic alone . He argued that it is only through open governance and working with citizens that nations can succeed .

” We face a significant contraction in the global economy in 2020; the world is facing the unprecedented twin challenges of managing the health and economic impacts of the pandemic. ”

In these times, citizens worldwide are seeking more information , engagement , and support from their governments , ” he added .

Buhari promised that his administration would continue to use its OGP membership to ensure that open government approaches strengthen pandemic management .

He added that the Nigerian government will sustain consultations and engagements with citizens through Civil Society Organisations and the Organised Private Sector on COVID -19 response and recovery plan .

He said , “ These consultations are in line with the effort of our administration to encourage public participation in government policies and programmes

” Our recovery package includes support to businesses, to vulnerable communities and an expansion of public works . Our aim is to make all these efforts more effective by making them open .

” President Buhari recounted that soon after joining this partnership , Nigeria had the privilege of being elected to the OGP Global Steering Committee. As a leader in the OGP Steering Committee, President Buhari acknowledged that Nigeria has learnt from both government and non -government counterparts on international best practices.

” I am also glad that Nigeria ’ s pioneering sub-national Open Government Partnership Model has become one of the leading examples driving the expansion of the Open Government Partnership Local Programme .

” Nigeria will also champion the tenets of the Open Government Partnership through our leadership role in regional institutions.

” We aim to expand the partnership on the African Continent by continuing to play a leading role in the International Steering Committee.

” As we look forward to celebrating 10 years of the existence of the Open Government Partnership next year , it is my earnest wish that all countries in the world will adopt Open Government principles and help democracy live up to the expectations of citizens having a voice at and beyond the ballot box, ” he said . Buhari encouraged Nigerians to get involved in the OGP and help shape and sustain the country’ s democracy now and in the future .

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