Nigeria ‘risks suspension’ from global body over Buhari’s delay in assenting to CAMA bill – Group

Nigeria risks suspension from the Extractive Industries
Transparency Initiative (EITI), an organisation which promotes the
open and accountable management of oil, gas and mineral resources,
over President Muhammadu Buhari’s delay in assenting to the
Companies and Allied Matters Act (CAMA) repeal bill.

The previous national assembly passed the bill but the president
is yet to assent to it.

Some civil society organisations in the country appealed to the
president to sign the bill, saying Nigeria has one week left and
that failure to sign it before the deadline could lead to a
possible ban.

The civil society organisations are The Civil Society
Legislative Advocacy Centre (CISLAC), African Center for Leadership
and Strategic Development, Zero Corruption Coalition (ZCC), Center
for Information Technology and Development (CITAD), SOTU-Nigeria,
National Procurement Watch Platform (NPWP), African Center for
Media and Information Literacy (AFRICMIL), Open Alliance, BudgiT,
Center for Democracy and Development (CDD) and Women’s Rights and
Protection Alternative (WRAPA).

Addressing a press conference on behalf of the groups, Auwal
Rafsanjani, executive director of CISLAC, said Buhari had made
commitment to strengthen anti-corruption reforms and joined the
open government partnership (OGP) in May 2016 during the
anti-corruption summit in London.

He said: “One of the commitments in Nigeria’s country statement
issued by President Buhari at the summit was that ‘Nigeria is
committed to establishing a public central register of company
beneficial ownership information.’ Three years after this bold
commitment and two years of implementation of OGP, there is still
no beneficial ownership register.

“The ultimate goal is the establishment of comprehensive
database of REAL OWNERS behind the management of private companies
operating within Nigerian jurisdiction,” he said.

“If CAMA bill is not signed by President Buhari this week, a
decade of work will be lost and irreparable diplomatic, economic
and reputations damage inflicted on Nigeria.”

Rafsanjani listed the benefits of CAMA when signed into law to
include: “Beneficial ownership register will address Nigeria’s
obligations towards; Financial Action Task Force (FATF) whose
efforts aim at promoting policies and standards that insulate
global financial systems from acts of money laundering and the
financing of terrorism and proliferation of weapons of mass
destruction (Article 24 and 25); Nigeria’s obligation under the
United Nations Convention against Corruption (UNCAC), the global
Extractive Industry Transparency Initiative (EITI) implementation
of the beneficial ownership standards in extractive sector before
the 31st of December, 2019 deadline for Nigeria.Above all, Nigerian
will profit as stolen public wealth will be exposed.

“In the absence of CAMA, we risk the suspension from the EITI
initiative where Nigeria has always played an important global role
and adjudged one of the best EITI countries. Furthermore, Nigeria
is already under pressure from the United States, European Union
and other important partners for weak compliance with anti-money
laundering legislation, anti-terrorism financing and illicit
financial flows. Sanctions will follow if rapid improvement is not
achieved right now! In addition, President Buhari’s anti-corruption
credentials will receive yet another blow if he fails to act on
CAMA.

“We have just missed a huge opportunity to leap forward in the
fight against Nigeria’s stolen wealth. The failure to enact the
Proceeds of Crime Act (POCA) has inexplicably jeopardized the asset
recovery effort, which the Executive champions with great vigour.
Many international partners and domestic stakeholders have been
horrified to observe the opportunity lost as hundreds of millions
of US dollars are awaiting to be returned to Nigeria by the
international community. Without POCA, there is no framework to do
that in an accountable and transparent way.”

The civil society organisations also advised Buhari not to give
corrupt persons opportunity in his cabinet.

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