Clem Agba
News From MDA'STrending Story

Minister lauds CAMA Amendment Act, says will promote transparency in business transactions

89

 

The Companies and Allied Matters Amendment Act (CAMA) 2020 recently assented to by President Muhammadu Buhari has been appraised by the Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, saying it will ensure transparency of the ownership and control of all companies involved in property purchase and public contracting in Nigeria.

Agba said under the new law companies in the country are required to disclose beneficial owners above a certain threshold.

“While the signing of the law is a milestone, it is only the beginning of a long journey to building a technologically-viable structure of tackling corruption.

`The fight against corruption would require building institutional capacities,  processes, as well as collaboration among government, citizens and bilateral partners to ensure that the needs of all stakeholders are captured and met.

“On our part, we will continue to provide policy and legal framework that will help Nigeria meet the commitments contained in our National Action Plan,” the minister said in a statement on Thursday on his twitter handle @ClemAgba on the signing of the CAMA Amendment Act 2020.

Presecondnews recalls that Buhari had on August 7 signed the bill passed by the National Assembly.

Agba, who is also Co-Chair of Nigeria’s Open Government Partnership (OGP) State Actors, stated that the new law “gives legal backing to the implementation of Nigeria’s commitment to establish a public register of beneficial owners of corporate entities in its Open Government Partnership (OGP) 2019 – 2021 National Action Plan.”

He said Nigeria welcomed the support of the OGP Support Unit through the Multi-Donor Trust Fund for the development of an electronic register of beneficial owners.

“I want to renew the commitment of Nigeria’s OGP Multi-Stakeholder Forum – National Steering Committee – to ensure full implementation of the register, using the grant of $500,000 to the Corporate Affairs Commission (CAC) for the development of an electronic register of beneficial owners.”

He said he looked forward to working with the Corporate Affairs Commission (CAC) in the building of the register.

He reviewed the process that culminated in the new law and concluded that the signing of the Companies and Allied Matters Amendment Act (CAMA) into law was a journey that began in May 2016 at the London Anti-Corruption Summit where President Buhari committed to tackling corruption head on.

The President, according to him, is committed to the fight against corruption by taking steps to ensure transparency of the ownership and control of all companies involved in property purchase and public contracting.

Leave a comment

Related Articles

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

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

Tinubu Appoints FCT Civil Service Commission Chair, 10 Permanent Secretaries

President Bola Tinubu has approved the appointments of the Head of the...

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...

Alleged N178bln debt: Reps dismiss petition against NPA, laud Bello-Koko, NPA 

A petition alleging that Mr. Bello Koko, the Managing Director of the...

$800m rehabilitation funds for Nigerian ports almost ready – FG

The Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, has said...

Presidential Villa, EFCC, FIRS, 83 other MDAs risk total blackout over N47.1bln electricity debt

The Abuja Electricity Distribution Plc (AEDC) has threatened to disconnect the electricity...

FG appoints CEOs, board chairpersons for NAFDAC, NCDC, PCN, others

In furtherance of his determination to bring world class standards to the...

FCTA Disburses N4.8bln to Six Area Councils, Other Stakeholders

The Federal Capital Territory Administration (FCTA) has disbursed N4.8 billion to the...

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...

Salary arrears: FCTA approves N7bln for primary school teachers

The Federal Capital Territory Administration (FCTA) says it has approved N7 billion...

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

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

Kidnappings in FCT: Tinubu approves immediate purchase of digital tracking equipment

The Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, says...

Trade facilitation: Lekki Deep Sea Port berths largest container vessel on Nigerian waters

In its determination and commitment to notch up trade facilitation, the Nigerian...

NCC halts plan to bar Glo subscribers from calling MTN lines

The Nigerian Communications Commission (NCC) has backtracked on its plan to bar...

FCT minister directs security agencies to rid Abuja of street light vandals

Amid rising insecurity in Nigeria’s seat of power, the Minister of the...

Tinubu announces Executive Director, Governing Council for Midstream and Downstream Gas Infrastructure Fund

President Bola Tinubu has appointed an Executive Director and a Governing Council...