In spite of protests from some quarters over the amended Company and Allied Matters Act (CAMA) signed into law recently by President Muhammadu Buhari, the Corporate Affairs Commission (CAC) has said that the law has come to stay.
The Commission insisted that it would go ahead with the implementation of the law as soon as the National Assembly properly gazettes it.
In his message to the Commerce Correspondents Association of Nigeria (CICAN) retreat held yesterday in Abuja, the CAC Registrar-General, Alhaji Garba Abubakar, said that 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.
“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. The laws provide for minimum standards; the constitution also spelt this out. It similarly spelt out how they are supposed to be run. The law says once you submit yourself by accepting to register with the CAC, you are bound to obey all its laws as well,” he said.