The Civil Society Legislative Advocacy Centre has said that the signing into law of the amended Company and Allied Matters Act by President Muhammadu Buhari will enhance the fight against corruption in the country
He said “we want to use this medium to commend the Presidency for signing the Companies and Allied Matters Act 2020. This is a step in fulfilling the desired anti-corruption reform in Nigeria. This legislation has the potential to be one of the most significant laws in decades.“Important anti-corruption and business commitments made by the President and the Government at different occasions can finally be put in motion.
“Until now, the absence of the enactment of the CAMA made it impossible to act on establishing a publicly available register of beneficial owners. Financing the Nigerian fight against corruption and poverty is sabotaged continuously by financial secrecy, which erodes national sovereignty. “Furthermore, restriction on multiple Directorships in Public Companies prohibits a person from being a director in more than five public companies at a time.
“CISLAC at different occasions called out both the Legislature and the Executive on the importance of this law, and we are thankful that we have it now. We want to extend our appreciation to the National assembly who speedily passed this law in the early days of the 9th assembly after suffering non-assent by the president in the 8th assembly.
Source: News Formal (newsformal.com)
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