CAC Seeks Support Of CSOs To Fight Corruption, Checkmate Money Laundering, Terrorism In Nigeria - EDU-BIZNEWS


Wednesday, February 7, 2024

CAC Seeks Support Of CSOs To Fight Corruption, Checkmate Money Laundering, Terrorism In Nigeria

Corporate Affairs Commission has stressed the need for Non-profit Organizations to ensure strict compliance with its regulations as part of measures being taken to fight corruption, money laundering and checkmate illicit activities of terrorists in Nigeria

Deputy Director, Registrar -General's office, CAC,Mr Tolulope Sonaike stated this  on Wednesday at the ongoing 2-day workshop being held in  Abeokuta on Regulatory compliance for  members of community of practice on civic space strengthening in Ogun State, organized by Global Rights In partnership with European union.

Sonaike explained that strict compliance through proper record keeping, particularly annual returns  would make them to remain active with CAC on its online registration platform, so as to attract fund from local and international donor organisations to support their respective humanitarian activities in the society 

Similarly,a legal expert on companies and allied matters, Prof.Adedeji Adekunle emphasized the need for non- profit organizations  to always engage the services of  Compliance Officers who will  keep them abreast with proper documentation with the regulatory agency and protect them from being used as platform for money laundering to finance terrorism 

Chief Superintendent of Economic and Financial Crime Commission ( EFCC), Temitope Erinomo cautioned NPOs against being used as a platform for money laundering or funding for terrorism.

Erinomo, an officer in the Special Control Unit of Money Laundering of EFCC urged them to always verify details about their donors, member and beneficiaries of their activities to detect if such people had been designated as terrorists or members of terrorist group

He warned that a relationship with any of the terrorist groups, would destroy reputation of Non-profit Organizations and public trust in their selfless services in the community

Programme Manager of Global Rights, Edosa Oviawe speaking with newsmen from the sideline of the workshop, explained that the purpose of the workshop was to keep operators of Civil Society Organisations.or Non-profit Organizations abreast with the regulations by regulatory agency and how to ensure compliance with the statutory regulations,  in order to regain credibility and trust of the public in thier activities 

Oviawe added that the Global Rights had in the last 10years been organizing series of training for CSOs , building the capacity Non-profit Organizations

"We have been going from one state to another state, we have been able to develop community of practice, bringing together CSOs, regulators and other stakeholders ", he stated

The Programme Manager stressed the need for coming together of  CSOs to take a common positions on  amending some of the aspect of the regulations , so as improve on operational environment 

He revealed that the ongoing capacity building programme  which started in 2023 had been held in Cross-Rivers , Ebonyi, Oyo, Akwa-Ibom, during which 100 operators of CSOs  were trained on how to ensure compliance with regulations saying the number will be increased  by over 20 at the end of the two-day training programme in Abeokuta 

"We have assisted operators of CSOs to develop Action-Plan on how to ensure compliance with regulations"

Oviawe expressed satisfaction with level of compliance from between 20 and 30 percent to between 70 and 80 percent level of compliance

Global Rights according to him, will soon host South West conference of CSOs , where regulators and stakeholders where critical issues affecting the operation of CSOs with aims of strengthening operations of CSOs in Nigeria

Also speaking former Executive Director of WARDC , Dr.Abiola Akiode Afolabi stressed the importance of ensuring compliance with regulations guiding operations of CSOs, enjoining the participants across Ogun State at the two -day capacity building programme to make good of knowledge gained to improve on the operational environment in the country 

The capacity building programme will be concluded on Thursday with training on Non-profit Taxation by resource persons from both Federal Inland Revenue Service (FIRS) and Ogun State Internal Revenue Service (OGIRS) 

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