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CAMA: CAC Insist on Compliance

by Isiyaku Ahmed
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Isiyaku Ahmed

The Corporate Affairs Commission (CAC) insist it would go ahead with the implementation of CAMA 2020 as soon as the National Assembly properly gazettes it.

This was revealed in a message by CAC Registrar-General, Alhaji Garba Abubakar, to the Commerce Correspondents Association of Nigeria (CICAN) retreat held on Thursday in Abuja. Time has come for all registered organizations with the Commission to ensure they manage their association properly in line with extant laws, he said.

“They must henceforth subject their finances and expenditures for proper auditing, and copies sent to us at the CAC. The new legal framework applies to all organizations registered with us be it a religious organization, NGO or CSO,” he added.

“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. The laws provide for minimum standards; the constitution also spelt this out. It similarly spelt out how they are supposed to be run. The law says once you submit yourself by accepting to register with the CAC, you are bound to obey all its laws as well.”

And queried “How is it that a registered member who qualifies to be a trustee in an organization would not want government to know how the organization is run?

What are the responsibilities of the trustees? what are the responsibilities of the governing council or the board?

How do you manage the affairs of the organization? How do you use or expend the income and properties of the organization?

How do you appoint members of the governing board? These are the issues the new CAMA has come to address.” He asked.

He further said any organization that does not want to be de-registered must submit itself to proper auditing and their statements sent to government, failure do so would spell doom for such organization.
According to him, the new CAMA law would not only bring sanity to the running of organizations but also ensure their smooth running.

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1 comment

Abdullahi Muhammad Yakubu August 24, 2020 - 9:08 am

This policy will definitely be implemented in Nigeria. To some extent it will help in tracing sources and channels were various financial crimes are committed. Just a thought


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