Trending Story

Nigeria risks embarrassment, suspension if Buhari fails to assent to CAMA bill, CISLAC, others warn 

266

Eleven civil society organizations in Nigeria, have called on President Muhammadu Buhari to save the country from global embarrassment and possible ban by assenting to the Companies and Allied Matters Act (CAMA) Repeal Bill that was passed by the 8th Assembly now before him.

Nigeria has one week from today to sign failure of which the country will be embarrassed, a decade of work will be lost and irreparable diplomatic, economic and reputations damage inflicted on the country.

The civil society Organisations are The Civil Society Legislative Advocacy Centre (CISLAC), African Center for Leadership and Strategic Development, Zero Corruption Coalition (ZCC), Center for Information Technology and Development (CITAD), SOTU-Nigeria, National Procurement Watch Platform (NPWP), African Center for Media and Information Literacy (AFRICMIL), Open Alliance,  BudgiT, Center for Democracy and Development (CDD) and Women’s Rights and Protection Alternative (WRAPA).

Addressing a press conference on behalf of others,  Executive Director, Civil Society Legislative Advocacy Centre (CISLAC), Auwal Ibrahim Musa Rafsanjani, recalled that President Buhari had made commitments to strengthen anti-corruption reforms and join the Open Government Partnership (OGP) in May 2016 during the  Anti-Corruption Summit in London in a bid to deepen institutional and policy reforms. 

He said: “One of the commitments in Nigeria’s Country Statement issued by President Buhari at the summit was that ‘Nigeria is committed to establishing a public central register of company beneficial ownership information.’ Three years after this bold commitment and two years of implementation of OGP, there is still no Beneficial Ownerships register.”

This legal framework of signed into law, Rafsanjani said “it will lead to the establishment of the electronic web-based open Beneficial Ownership register in Nigeria. The ultimate goal is the establishment of comprehensive database of REAL OWNERS behind the management of private companies operating within Nigerian jurisdiction. If CAMA bill is not signed by President Buhari this week, a decade of work will be lost and irreparable diplomatic, economic and reputations damage inflicted on Nigeria.”

Rafsanjani listed the benefits of CAMA when signed into law to include: “Beneficial ownership register will address Nigeria’s obligations towards; Financial Action Task Force (FATF) whose efforts aim at promoting policies and standards that insulate global financial systems from acts of money laundering and the financing of terrorism and proliferation of weapons of mass destruction (Article 24 and 25); Nigeria’s obligation under the United Nations Convention against Corruption (UNCAC), the global Extractive Industry Transparency Initiative (EITI) implementation of the beneficial ownership standards in extractive sector before the 31st of December, 2019 deadline for Nigeria.Above all, Nigerian will profit as stolen public wealth will be exposed.”

The CISLAC boss also outline the damning implications of not signing the law.

He said: “in the absence of CAMA, we risk the suspension from the EITI initiative where  Nigeria has always played an important global role and adjudged one of the best EITI countries. Furthermore, Nigeria is already under pressure from the United States, European Union and other important partners for weak compliance with anti-money laundering legislation, anti-terrorism financing and illicit financial flows. Sanctions will follow if rapid improvement is not achieved right now! In addition, President Buhari’s anti-corruption credentials will receive yet another blow if he fails to act on CAMA.

“We have just missed a huge opportunity to leap forward in the fight against Nigeria’s stolen wealth. The failure to enact the Proceeds of Crime Act (POCA) has inexplicably jeopardized the asset recovery effort, which the Executive champions with great vigour. Many international partners and domestic stakeholders have been horrified to observe the opportunity lost as hundreds of millions of US dollars are awaiting to be returned to Nigeria by the international community. Without POCA, there is no framework to do that in an accountable and transparent way.”

The civil society organizations also advised President Buhari not to appoint persons perceived to be corrupt into his cabinet. 

According to Rafsanjani, the appointees must have competence, integrity, patriotism and those who indeed merit the appointment.

Leave a comment

Related Articles

Emirship crisis: Kano govt. allocates N99.9m for Nassarawa mini-palace renovation

In response to the court’s order reinstating him, the Kano State Government...

Nigeria’s foreign exchange reserves up by 5 percent to $33.58bln

Nigeria’s foreign exchange (FX) reserves have increased by five percent in the...

Billionaire philanthropist Tony Elumelu mulls buying NPFL team

As part of his corporate social responsibility, billionaire banker and philanthropist Tony...

Terry G speaks on Davido, Wizkid, and Burna Boy rivalries, faces backlash from fans

Nigerian music sensation Terry G, also known as the Apako master, has...

Dani Alves pays €1m bail, set to leave Spanish jail

Former Brazil and Barcelona star Dani Alves, convicted of rape in Spain,...

World TB Day: 70 percent of TB cases in Africa now being diagnosed and treated – WHO

The World Health Organization (WHO) has disclosed that about 70 percent of...

13th AAG: Tobi Amusan wins gold in women’s 100m hurdles

The Nigerian sprint star, Tobi Amusan, won gold in the women’s 100m...

FG approves N12.7bln for mass metering of army barracks nationwide

The Federal Government says it has released N12.7 billion to provide electricity...

Women’s Day: Tinubu felicitates women, vows to prioritise their welfare, rights

President Bola Tinubu has promised to prioritize the welfare of women, protect...

All African Games: Nigeria’s Flying Eagles start their campaign on a losing note

The Flying Eagles of Nigeria started their campaign in the men’s football...

EFCC sets up task force to combat dollarization of economy, mutilation of naira

The Economic and Financial Crimes Commission (EFCC) has announced the setting up...

How Bafarawa diverted N4.6bln from ex-NSA for prayers, election, acquire luxury vehicles

A startling revelation has been made about how a former governor of...

CBN redeploys 1,500 staff to Lagos

The Central Bank of Nigeria (CBN) says it has redeployed 1,500 staff...

AFCON: Pres. Tinubu says unimpressed with Super Eagles’ performance

President Bola Tinubu has expressed his displeasure over the performance of the...

I’ve not met a man kind enough to marry —Ini Edo

In a candid revelation, renowned actress, Ini Edo, has hinted about the...

Ogun CP visits shot Nollywood actor, Ijaduade, vows to punish trigger-happy cop

Nollywood actor and Director, Azeez Ijaduade, who was shot “accidentally” by a...

Breaking: Actor, Azeez Ijaduade, allegedly shot by policeman in Ogun

In a shocking incident that has sent shock waves to Yoruba section...

Fast and furious actor, Vin Diesel, accused of sexual assault

Vin Diesel, known for his role in the Fast & Furious Series,...

Anyone asking for money this festive season lacks conscience, fear God – Comedian AY

Amid Nigeria’s challenging economic downturn, renowned comedian, Ayo Makun, popularly known as...

Octogenarian actor, Dejumo Lewis, dies

Nollywood community was on Friday night thrown into grief as the news...