CFAA Leads Discourse On Churches And Compliance With CAMA ACT 2020


Tuesday, September 22, 2020 / 12:55 PM / Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV

Proshare Nigeria Pvt. Ltd.

Following the recent signing of the  Company and Allied Matters Act 2020 by President Muhammadu Buhari, the Christian Financial Accountability Association, CFAA hosted a virtual forum to discuss the new law and the implication for the Churches in the country.

Giving the presentation on the "Overview of the New CAMA Act 2020" Pastor Femi Atoyebi, SAN informed stakeholders that the new Act comprises of 870 sections with over 604 pages.

According to him, the CFAA is concerned with Part F which deals with not-for-profit organizations that cover religious organizations.

From his perspective, he believed it was important for faith-based organizations to submit to regulations, while they propose alternatives for the loopholes they identify.

He was of the view that a lot of opposition to CAMA 2020 was borne out of ignorance, even as a repeal at this time will not be fair and only lead to disorderliness.

Pastor Atoyebi also made a case for Churches to look at the American model and also learn from the United Kingdom that has a robust legal system.

The Senior Advocate of Nigeria advised the Church in Nigeria and other Faith-based organizations to engage the government extensively and make recommendations before rules and regulations are considered.

He alluded to the fact that accountability in the Church and Faith-based organizations will help to boost confidence in their activities.

In response to the recent CAMA 2020 Act, Pastor Atoyebi listed the following schools of thought, which include;

Pro Church School of Thought

  • Cult Followership School of Thought
  • The Pro Regulation School of Thought
  • The Pro-Government School of Thought

The keynote speaker enjoined Christians as good citizens to obey the laws of the land and abide by them.

"The greatest problem that we have as a society in Nigeria is that there is no fine to be paid if people breach them," He said.

Also speaking at the forum Mr. Yinka Ogunnubi in his presentation described Christian Faith-based organizations as very important organizations that stand on the context of the law.

For the requirements from Faith-based organization, he highlighted the following;

  • Keep records of accounting and transactions such as receipts of gifts, dividends, donations, personal cars, properties etc.
  • Keep the bank statement and ensure no transactions are out of the bank
  • Keep assets registered and ensure acquisitions and disposals are at fair value
  • Keep contract documents

He urged Churches to invest in accounting tools even as the CFAA is working to bring a pool of auditors together to assist the Small congregations in their finances.

"It is important for Churches and Faith-based organizations to appoint finance committees to review their accounts. Also engage professionals who have a solid financial background to report to the board of trustees" Yinka Ogunnubi said.

For the Churches and Faith-based organizations, Mr. Ogunnubi stressed the importance of internal control measures and having a comprehensive and detailed list of donors, for transparency and governance.

The event also featured a Question and Answer session with Pastor Sam Adeyemi (Senior Pastor, Daystar Christian) engaging participants on key questions around the Church, Faith-based Organizations and Compliance with the CAMA Act 2020.

Proshare Nigeria Pvt. Ltd.


Related News

1.   Christian Financial Accountability Association Holds Inaugural Seminar

2.  Why we are Floating a New Institute - Chartered Institute of Stockbrokers

3.  Banking and Finance Sector Have Key Roles to Play in Achieving Sustainable Development

4.  CBN Interventions Prevented Nigeria From Going Into Larger Contraction In Q2 - Godwin Emefiele

5.  CIBN 13th Annual Bankers Conference To Focus On Facilitating A Sustainable Future

6.  FRCN Request for Comments on IPSASB Exposure Drafts

7.   CIBN Inducts 1,864 Bankers, Makes Case For Digital Skills In The Financial Services Industry

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News