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

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.