President Muhammadu Buhari has explained that the recently passed Companies and Allied Matters Act, 2020 (CAMA) in Nigeria will enhance transparency and corporate accountability in the fight against corruption.
President Buhari spoke 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 in New York, the United States.
He explained that since the inception of the current administration in 2015, the Government had been committed to changing international and domestic perceptions regarding Nigeria’s commitment to fight corruption and foster good governance.
The President said the government focused on the task of dealing head-on with corruption, which led to Nigeria joining the Open Government Partnership, and making reform commitments such as to establish a public central register of beneficial owners of corporate entities.
Since then, according to the President, the government had made significant progress in implementing tougher anti-corruption measures, including his recent assent to the Companies and Allied Matters Act, 2020.
He said the Act had provided a legal framework for the implementation of Beneficial Ownership Information Disclosure in Nigeria.
President Buhari said being an OGP member-country has helped Nigeria learn from other countries tackling similar challenges, and to build a coalition to support tangible reforms across the private sector and civil society.
He said the reforms had also aided the country’s journey towards building citizens’ trust in government.