Minister of Trade and Investment, Olusegun Aganga has kicked against the move by the Senate to encroach on Presidential powers to appoint the chairman and board members of the Corporate Affairs Commission (CAC).
Speaking on Thursday at the public hearing organized by the Senate on the proposed amendment to the Company and Allied Matters Act CAP C20, the Minister insisted that assuming such responsibility would amount to an encroachment on the powers of the President to appoint competent professionals as both chairman and board member of the CAC.
He said further that the proposed amendment would infringe on the powers and independence of the executive to appointment of competent and qualified professionals to manage the affairs of the CAC.
On the submission of a separate budget for the CAC, Aganga argued that 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 the separate budget of the agency.
According to him, Sections 12, 13 and 14 of CAMA sufficiently addressed all the issues raised by the senators in the bill, saying the funds allocated to the CAC and the revenue generated by it, form part of the federal budget passed by the National Assembly.
The Senate going by the proposed amendment seeks to assume power to scrutinize and ratify the appointments of chairman and board members of the CAC.
It is also aimed at restructuring the commission as well as ensuring openness and accountability in the generation and allocation of funds to the commission during annual budgetary process.
The bill will also mandate the Commission to submit details of its annual budget to the National Assembly for constitutional appropriation as against the current practice of not indicating it in the entire executive budget, either as a commission or through its supervising Ministry, which is the Federal ministry of Trade and Investment.
Senate President David Mark at the opening of the hearing posited that the amendment would promote democratic ethos and accountability in CAC management.
Speaking through the Senate Leader, Victor Ndoma-Egba, he said “We must make efforts to align our practices either in the public or private sector, to democratic ethos. Because of the importance of the CAC, there is the need to subject membership of its board to the senate confirmation.
“Nigerians should know the CAC members, their qualifications, views on the nation’s economic climate and their specific plans to promote trade and investment opportunities in the country. The best way to achieve this is through the senate confirmation”.