Minister of State for Budget and National Planning, Prince Clem Ikanade
\nAgba, has said that the Companies and Allied Matters Amendment Act
\n(CAMA) 2020 would ensure transparency of the ownership and control of
\nall companies involved in property purchase and public contracting in
\nNigeria.<\/p>\n
In a statement on Thursday (August 13, 2020) on his twitter handle
\n@ClemAgba on the signing of the CAMA Amendment Act 2020 by President
\nMuhammadu Buhari on August 7, this year, Prince Agba said the new law
\nexpressly required companies in Nigeria to disclose beneficial owners
\nabove a certain threshold.<\/p>\n
Agba, who is also Co-Chair of Nigeria’s Open Government Partnership
\n(OGP) State Actors, stated that the new law “gives legal backing to the
\nimplementation of Nigeria’s commitment to establishing a public register
\nof beneficial owners of corporate entities in its Open Government
\nPartnership (OGP) 2019 – 2021 National Action Plan.”<\/p>\n
According to him, “While the signing of the law is a milestone, it is
\nonly the beginning of a long journey to building a
\ntechnologically-viable structure of tackling corruption.”<\/p>\n
He said that the fight against corruption would require building
\ninstitutional capacities,\u00a0 processes, as well as collaboration among
\ngovernment, citizens, and bilateral partners to ensure that the needs of
\nall stakeholders were captured and met.<\/p>\n
“On our part, we will continue to provide policy and legal framework
\nthat will help Nigeria meet the commitments contained in our National
\nAction Plan,” the minister stated.<\/p>\n
Agba further said that “Nigeria welcomes the support of the OGP Support
\nUnit through the Multi-Donor Trust Fund for the development of an
\nelectronic register of beneficial owners.<\/p>\n
“I want to renew the commitment of Nigeria’s OGP Multi-Stakeholder Forum
\n– National Steering Committee – to ensure full implementation of the
\nregister, using the grant of $500,000 to the Corporate Affairs
\nCommission (CAC) for the development of an electronic register of
\nbeneficial owners.”<\/p>\n
He said he looked forward to “working with the Corporate Affairs
\nCommission (CAC) in the building of the register.”<\/p>\n
He reviewed the process that culminated in the new law and concluded
\nthat the signing of the Companies and Allied Matters Amendment Act
\n(CAMA) into law was a journey that began in May 2016 at the London
\nAnti-Corruption Summit where President Buhari committed to tackling
\ncorruption head-on.<\/p>\n
The President, according to him, had committed to tackling corruption by
\n“taking steps to ensure transparency of the ownership and control of all
\ncompanies involved in property purchase and public contracting.<\/p>\n
Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, has said that the Companies and Allied Matters Amendment Act (CAMA) 2020 would ensure transparency of the ownership…<\/p>\n","protected":false},"author":1,"featured_media":72556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-75353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n