President Muhammadu Buhari said on Thursday the Companies and Allied Matters Act, 2020 would ensure transparency and corporate accountability in the country.
The president, according to a statement issued by his Special Adviser on Media and Publicity, Femi Adesina, disclosed this at the United General Assembly high-level summit.
Buhari added that the bill which he signed into law in August would also help to tackle corruption in the country.
Several Nigerians including groups and organization had condemned the CAMA.
The Christian Association of Nigeria (CAN) was particularly critical of a section of the law which empowers a minister to superintend the activities of an organization.
The president said: “Since the inception of our administration in 2015, the government has been committed to changing international and domestic perceptions regarding Nigeria’s commitment to fight corruption and foster good governance.
“We focused on the task of dealing head-on with this destructive monster, which led to us joining the Open Government Partnership and making reform commitments such as to establish a public central register of beneficial owners of corporate entities.
“Since then, we have made significant progress in implementing tougher anti-corruption measures, including my recent assent to the Companies and Allied Matters Act, 2020.
“The Act provides a legal framework for the implementation of Beneficial Ownership Information Disclosure in Nigeria.
”Being an OGP member-country has helped Nigeria learn from other countries tackling similar challenges, and to build a coalition to support these reforms across the private sector and civil society. It has also aided our journey towards building citizens’ trust in government.”