On Friday the Corporate Affairs Commission (CAC) has said that those wailing over the new Company and Allied Matters Act (CAMA) should better stop because there is no going back.
“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.”
Recall that the Christians Association of Nigeria (CAN), had recently described CAMA as satanic, demanding that the President halts the implementation of “the obnoxious and ungodly law until religious institutions are exempted from it.”