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CISLAC urges Buhari to sign CAMA bill to fight graft

Kwame Adu

Nov. 07, 2019

The Civil Society Legislative Advocacy Centre (CISLAC) has called on President Muhammadu Buhari to assent to the Companies and Allied Matters Act (Repeal and Re-enactment) bill.
The bill was transmitted to the president on the Monday 27 after it was passed by the 8th National Assembly on Tuesday, May 14.
President Buhari didn't assent to the bill and no reason was given for his action by presidential spokespersons.
Executive Director of CISLAC, Auwal Ibrahim Musa, during a press briefing on Thursday, November 7, stated that the bill contains provisions that enhances the ability of anti-corruption agencies to detect and stop corruption.
He noted that the bill would help identify persons and companies involved in corruption and limit their ability to hide proceeds of corruption in companies registered in Nigeria and other jurisdictions.
“The process of developing the national register of Beneficial Owners of Companies operating within our jurisdiction has been stalled as a result of the president’s inaction on the amendment of CAMA,” he lamented.
“While we are excited about the commitment of the present administration to wage war against corruption, we are, however, concerned over the inability of the administration to efficiently fulfil its promises on anti-corruption at global and national forums.
“This inefficiency is largely triggered by the delayed and assent into the enabling legal frameworks and instruments on anti-corruption by the National Assembly and presidency,” he added.
The CISLAC boss further stated that failure to sign the bill will result in dire consequences for Nigeria like:
1. Nigeria’s inability to fulfill the 2016 London Anti-Corruption Summit Country statement to build public central register of company beneficial ownership information and
2. Lagging behind in Financial Action Task Force (FATF) requirements, whose efforts aim at promoting policies and standards that insulate global financial systems from acts of money laundering and the financing of terrorism and proliferation of weapons of mass destruction
“We, therefore, urge the presidency to fulfil its commitments to the anti-corruption fight by empowering relevant agencies with necessary legal operationalization tools to efficiently deliver on their mandates.
“The president at this point should take action on this so that dispensation on this process can continue,” he concluded.
Meanwhile, another group, Nigerians Against Corruption, NAC, has urged President Buhari to re-appoint Ibrahim Magu for another four-year term.
Magu is currently approaching the end of his tenure as chairman of the Economic and Financial Crimes Commission, EFCC.
The group said in a statement signed by its coordinator, Abdulmalik Adamu, and sent to journalists on Wednesday, October 30, that t he EFCC chairman has performed well and needs to be reappointed.
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