Senate, Presidency Head For Collision Course On Control Of CAC

There was disagreement between the Senate and the Federal Government on Thursday over the proposal of the Upper Chamber to scrutinize the budget of the Corporate Affairs Commission (CAC) and also to cut the of power of President Goodluck Jonathan to solely appoint the board of CAC.

It would be recalled that the Central Bank of Nigeria (CBN) and Nigeria National Petroleum Corporation (NNPC) have also refused to allow the National Assembly scrutinize their budgets which was against the law.

At the public hearing called by the Upper Chamber to amend the company law on Thursday, the Senate, through its Bill, which is an Act to amend the Company and Allied Matters Act c20, 2004 specifically sought to reduce the power of the executive on the appointment of members of board of CAC and compel the agency to submit its budget to National Assembly.

Speaking at the public hearing organized by the Senate Committee on Trade and Investment, the Senate President, Senator David Mark who was represented by Senate Leader, Senator Ndoma Egba explained that the proposed bill is intended to promote democratic principle and to make leadership of CAC to be accountable to Nigerians.

The Senate President noted that since CAC is the gateway to local economy which is fundamental, it is necessary for the leadership of the agency to emerge through due process.

Mark said,”we must make efforts to align our practices either in the public or private sector to democratic ethos . Because of the importance of ther CAC, there is the need to subject membership of its board to the Senate for confirmation.

“Nigeria should know members of CAC, their qualifications and their view about nation’s economy and their specific plan to promote the nation economy.”

But, the Minister of Trade and Investment, Olusegun Aganga disagreed on the of appointment of Board of Director of the Commission and also scrutiny the budget of the commission.

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