CAMA: No Going Back on Submission of Financial Statement – Govt to Wailers

By Ogechi Okorie

Abuja (Precise Post) – Thee Corporate Affairs Commission (CAC) has reacted to the wide condemnation trailing the proposed involvement of government in the financial affairs of religious bodies, saying those wailing over the new Company and Allied Matters Act (CAMA) should better stop because there is no going back.

CAC said 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.

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?

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