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