No going back on amended CAMA — CAC

The Corporate Affairs Commission (CAC) has advised those throwing stones at the newly amended Company and Allied Matters Act (CAMA) to stop clamouring as there’ll be no reversal with regard to the changes that have been made to the primary business law document in Nigeria.

The CAC said the new act has come to stay in the country, therefore the public outcry that has greeted it will not make it go away, Daily Times reports.

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

Recall that the CAMA bill was recently signed into law by President Muhammadu Buhari, with inclusions and amendments which has sparked widespread criticism, particularly from religious-based voluntary organizations who have been hit hardly by the provisions of the Act.

The CAC Registrar-General, Alhaji Garba Abubakar, while speaking to Commerce Correspondents Association of Nigeria (CICAN) in Abuja, expressed surprise as to why the Act has been faulted by many voluntary organizations, especially churches.

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

READ ALSO: CAMA is ungodly – CAN tells Buhari

“The new legal framework applies to all organisations 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.”

Also, the Christian Association of Nigeria (CAN), had recently described CAMA as satanic. They urged the President to refrain from signing off on the implementation of the bill which they viewed as “the obnoxious and ungodly law until religious institutions are exempted from it.”