Submit your finances and expenditures for proper auditing, presidency tells CAN

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The Corporate Affairs Commission (CAC) has said that those moaning over the new Company and Allied Matters Act (CAMA) should better stop in light of the fact that there is no returning.

CAC said the new demonstration has come to remain in the nation in spite of the open objection that has welcomed it.

The Commission said it was just trusting that the governing body will journal it for guaranteed usage of the law.

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The CAMA bill was as of late marked into law by President Muhammadu Buhari, and was remembered for his rundown of accomplishments throughout the previous one year.

The CAC Registrar-General, Alhaji Garba Abubakar, while addressing Commerce Correspondents Association of Nigeria (CICAN) in Abuja yesterday asked why the demonstration was being contradicted by strict bodies, particularly 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?

“What are the responsibilities of the governing council or the board? How do you manage the affairs of the organisation? How do you use or expend the income and properties of the organisation? How do you appoint members of the governing board? These are the issues the new CAMA has come to address.”

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