The Minister of Trade and Investment, Dr. Olusegun Aganga, and the Senate Committee on Trade yesterday, differed on legislative moves to amend the Company and Allied Matters Act (CAMA) C20, 2004, which would see the reduction of the powers of the executive on the appointment of members of the board of the Corporate Affairs Commission (CAC).
Another fallout if the amendment is successful, is that the Commission would be mandated to submit its annual budget to the upper legislative chamber for legislative vetting.
Aganga, however, faulted the move insisting that the amendments sought by the Senate to the two sections of CAMA was unnecessary as the amendments would infringe on the powers and independence of the executive to appoint competent and qualified professionals to run the CAC.
He also said that since the budget of the CAC, like other agencies and parastatals, formed part of the national budget being presented to the Senate annually, there was no point demanding for a separate budget for the agency.
Senate President David Mark, who was represented by the Senate Leader, Senator Victor Ndoma-Egba, at the public hearing on the proposed bill held at the Senate New Building Complex, argued that the amendment would promote democratic ethos and accountability in CAC.
He said in view of the CAC strategic business and economic importance, its leadership emergence should be transparent and accountable to Nigerians. Again, Mark argued that the proposed bill would align CAMA to the Fiscal Responsibility Act.