The new Companies and Allied Matters Act, CAMA, has generated lot of controversies and criticisms since its recent signing into law by President Muhammadu Buhari.
Some of the greatest oppositions to the new CAMA law are the religion organisations, civil society groups and the Non-Governmental Organisations.
Despite the huge criticisms and attacks on the law, the Corporate Affairs Commission says the new Company and Allied Matters Act has come to stay.
Delivery his keynote address at the Commerce and Industry Correspondents Association of Nigeria’s Annual Retreat, the Registrar General, Corporate Affairs Commission, Garba Abubakar said henceforth every registered body must subject its finances and expenditures for proper auditing and copies sent to the commission as stipulated by the new legal framework.
He said, the new CAMA law would not only bring sanity to the operations of organisations but ensure their smooth running.
The Chairman, Commerce and Industry Correspondents Association of Nigeria, Frederick Idehai warned CAC on need to apply wisdom in its policy decisions for the overall benefit of the economy.
The Representative of the Standard Organisation of Nigeria also spoke on how to better the fortune of the nation.
The theme of the CICAN/ CAC retreat is, Covid-19 Pandemic And New Reform Initiatives By CAC.
