Tough time awaits Churches, NGOs, CSOs as CAC insists on new CAMA law

The Corporate Affairs Commission (CAC) has expressed its readiness to go ahead with the implementation of the new Company and Allied Matters Act (CAMA) as soon as the National Assembly properly gazettes it.

Despite the criticism trailing the operation of CAMA, the body insisted that there is no going back on it.

The CAMA bill was recently signed into law by President Muhammadu Buhari,

The bill has continued to elicit reactions and condemnations from religious organisations most especially
the leadership of the Christian Association of Nigeria (CAN).

Non-Governmental Organisations (NGOs) and Civil Society Organisations (CSOs) have also kicked against the law, describing it as obnoxious.

They said such impactless bill would have adverse effect on their organisations.

They wondered why Government is doing this when they are not being funded by Government.

In his message at the Commerce Correspondents Association of Nigeria (CICAN) retreat held yesterday in Abuja, the CAC Registrar-General, Alhaji Garba Abubakar, said the time has come for all registered organisations with the Commission to ensure they manage their association properly in line with extant laws.

His words: “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 organisations registered with us be it a religious organisation, NGO or CSO.

Abubakar said any organisation that does not want to be de-registered must submit itself to proper auditing and their statements sent to government.

He added that failure do so would spell doom for such organisation.

Abubakar expressed optimism that the new CAMA law would bring sanity to the runnings of organisations.