President Muhammadu Buhari, yesterday, declared that the recently passed Companies and Allied Matters Act (CAMA) 2020 will enhance transparency and corporate accountability in the fight against corruption.
He stated this in a video message presented at the Open Government Partnership (OGP) 2020 Virtual Leaders’ Summit on the sidelines of the 75th Session of the United Nations General Assembly (UNGA75) in New York, United States.
His words: “Since the inception of our administration in 2015, our government has been committed to changing international and domestic perceptions regarding Nigeria’s pledge to fight corruption and foster good governance.
“We focused on the task of dealing head-on with this destructive monster, which led to us joining the OGP and making reform commitments such the establishment of a public central register for beneficiary owners of corporate entities.
“Since then, we have made significant progress in implementing tougher anti-corruption measures, including my recent assent to the Companies and Allied Matters Act, 2020.
“The Act provides a legal framework for the implementation of Beneficial Ownership Information Disclosure in Nigeria. Being an OGP member-country has helped Nigeria to learn from other countries tackling similar challenges and to build a coalition to support these reforms across the private sector and civil society.
“It has also aided our journey towards building citizens’ trust in government.
The President pointed out that as COVID-19 pandemic cases continue to accelerate globally, President Buhari told the Summit that it had become clear that governments could not resolve all the challenges alone, stressing that it was only through open governance and working with citizens that nations could succeed.
He explained that the world was facing a significant contraction in the global economy in 2020, stressing that globally, there was unprecedented challenges of managing the health and economic impacts of the pandemic.
“In these times, citizens worldwide are seeking more information, engagement, and support from their governments,” he said.
President Buhari further pledged that his administration would continue to use its OGP membership to ensure that open government approaches strengthen management of the pandemic, adding that the Nigerian government would sustain consultations and engagements with citizens through Civil Society Organisations (CSOs) and the Organised Private Sector (OPS) on COVID-19 responses and recovery plan.
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