Se­nate strips Pres­i­dent of pow­ers over CAC budget

Daily Trust - - INDUSTRY - By Tu­raki A. Has­san

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.

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