Breaking News:-CAMA: No Plans to Witch-hunt Churches, Groups, Says CAC Boss.
The Registrar-General, Corporate Affairs Commission (CAC), Mr. Garba Abubakar, calm fears that the commission was determined to hunt down churches and other organisations following the recent amendment of the Companies and Allied Matters (CAMA) Act, 2020.
But Abubakar in reaction to the growing concerns by religious organisations said the amended CAMA was not targeted at any particular group but rather to align organisational procedures in line with global best practices.
Speaking at a retreat of Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja, he said registered entities have nothing to worry about provided they comply by the laid down rules and regulations.
Also noted that the amended law which was assented to by President Muhammadu Buhari was aimed at enhancing transparency in the way and manner organisations were operated, adding that the legal framework would strengthen the anti-corruption efforts of the present administration.
Alternatively, the CAC boss said organisations which may find it difficult to submit to the new regulatory framework may choose to cancel its registration with the commission.
He said even in the eventual suspension of any trustee, the law did not grant the commission absolutely and autocratic powers as aggrieved individuals reserved the right to seek legal redress up to the Supreme Court.
Abubakar further stated that contrary to insinuations, the new regulations were designed to improve the country’s ranking in the World Bank’s ease of doing business ranking as well as reduce the cost of doing business in the country.
Is this a good move from President Muhammadu Buhari ?
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