CAMA: You Must Submit Details Of Your Finances, No Going Back – Nigerian Govt Declares

The Corporate Affairs Commission (CAC), has said that those wailing over the new Company and Allied Matters Act (CAMA) should better stop because there is no going back.

The Corporate Affairs Commission (CAC) revealed that the new act has come to stay in the country despite the public outcry that has greeted it.

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

The CAMA bill was recently signed into law by President Muhammadu Buhari, and was included in his list of achievements for the last one year.

Also Read: CAMA: You Can’t Subject The Church To Carnality- World Bishop Warn Buhari 

The CAC Registrar-General, Alhaji Garba Abubakar, while speaking to Commerce Correspondents Association of Nigeria (CICAN) in Abuja yesterday wondered why the act was being opposed by religious bodies, especially the churches.

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

He explained further, “The new legal framework applies to all organizations 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?

Ekohotblog recall that the Christians Association of Nigeria (CAN), had recently described CAMA as satanic, demanding that the President halts the implementation of “the obnoxious and ungodly law until religious institutions are exempted from it.”