Senate strips President of powers over CAC budget
The Senate, yesterday, amended the Companies and Allied Matter Act, stripping the President of his unilateral powers to approve the annual budget of the Corporate Affairs Commission (CAC).
The Senators unanimously adopted the report of the Committee on Trade which recommended for the introduction of Sections 14 and 15 to make the annual estimates of reports of the commission to be subjected to the scrutiny and approval of the National Assembly.Speaking to Journalists after the passage of the bill, Committee Chairman Senator Odion Ugbesia (PDP, Edo), said the CAC law was a leftover of the military era which needed to conform to new reality of democracy and separation of powers.
The new amendment made it mandatory for the president to forward names of nominees for the post of the chairman, secretary and board members of the CAC to the Senate for confirmation.
Under the existing Act, the president did not need the confirmation of the Senate in the appointment of chairman, secretary and members of the Corporate Affairs Commission.