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CAMA 2020 Will Regulate, Not Control Churches, Others—Oyedele
By Dipo Olowookere
The Head of Tax and Corporate Advisory Services at PwC Nigeria, Mr Taiwo Oyedele, has said the aim of the controversial Companies and Allied Matters Act, 2020 (CAMA 2020) especially concerning non-profit organisations, including religious bodies, is to regulate their activities and not to control them as it is being pushed.
The CAMA 2020, which was signed into law recently but is yet to be gazetted, has generated controversies from different quarters, especially from church leaders, who claimed that the law was aimed at controlling the affairs of churches.
Many respected Christian leaders have spoken on the matter, including the founder of Living Faith Church also known as Winners Chapel, Bishop David Oyedepo, who said one of the contending issues was the power given to the registrar general of the Corporate Affairs Commission (CAC) or the supervising minister to tamper with the board of trustee of a charity organisation.
Under CAMA 2020, the commission may by order, suspend the trustees of an association or a religious body and appoint an interim manager or managers to coordinate its affairs where it reasonably believes that there has been any misconduct or mismanagement, or where the affairs of the association are being run fraudulently or where it is necessary or desirable for the purpose of public interest.
But Mr Oyedepo stressed that no government can change the composition of his church’s board, while the Christian Association of Nigeria (CAN) has said the law was an attempt to wage a war against the church in the country.
A few days ago, the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, was at the Presidential Villa in Abuja for a meeting with President Muhammadu Buhari and it was speculated in some quarters that the respected cleric may have gone there because of the controversial law.
After his meeting with Mr Buhari, the RCCG leader declined to address some anxious journalists waiting for him outside.
On Wednesday, September 2, 2020, PwC organised a capability enhancement workshop for journalists and one of the speakers, Mr Taiwo Oyedele, spoke on the new CAMA 2020 law.
He pointed out that the law was not intended to control charity organisations, which religious bodies belong, but mainly to regulate their activities.
He said it was normal for any responsible government to regulate activities of any organisation that collects funds from members of the public, who must be protected.
Mr Oyedele also said the new law was the most important business regulation in Nigeria especially as it has a significant impact on doing business, competitiveness, attracting investments, and economic growth.
However, he stressed the need to gazette the CAMA 2020 with a future commencement date to facilitate ease of transition while emphasising the importance of effective implementation.
He noted the need to harmonise CAMA with other laws such as the Companies Income Tax Act which still requires audited accounts by all companies regardless of size.
In addition, more flexibility is required for foreign companies who wish to operate a business in Nigeria such that a branch registration should be permitted while incorporating a subsidiary will be optional, he posited.
According to the tax expert, it is also necessary to ensure that the new law is kept under constant review with more frequent amendments or re-enactment say every five years.
Also speaking at the event attended by over 100 financial journalists, including from Business Post, the Editor-in-Chief at Stears Business, Mr Tokunbo Afikuyomi Jr, highlighted the impact of the COVID-19 pandemic on news consumption patterns and what this means for the fortunes of journalists and their media houses.
He noted that in times of uncertainty, trustworthy reporting becomes even more important than the speed to break the news, noting that with the shift to digital platforms by consumers, reporters must balance the rush to be the first to publish with providing factual information written from a unique angle that adds value to the readers. He also emphasised the need for clarity of thoughts and clarity of expression for excellent reporting.
On his part, the Partner and Chief Economist at PwC Nigeria, Mr Andrew Nevin, tasked business journalists to add more value to their reporting.
He lamented reproduction of economic data from agencies without providing sufficient context or insights, urging reporters to track key metrics such as the Sustainable Development Goals (SDGs) and other policy pronouncements of governments which they can use to benchmark their analysis of NBS statistics and enrich their general reporting on the economy.
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Nigeria Steps up AI Surveillance, Anti-Drone Systems for National Security
By Adedapo Adesanya
Nigeria is set to strengthen its defence architecture by deploying artificial intelligence-powered surveillance systems and advanced anti-drone technology as part of efforts to modernise the country’s military capabilities, according to the Minister of Defence, Mr Christopher Musa.
He disclosed this during a high-level visit to Monaco, where he led a Nigerian delegation to conclude discussions on the multi-domain Hybrid Intelligence Shield (HIS) project.
According to Mr Musa, the initiative is designed to enhance border security, protect urban centres and improve the country’s response to emerging security threats.
The project is expected to introduce AI-driven surveillance systems capable of identifying threats rapidly through smart algorithms, while anti-drone technology will be deployed to intercept and neutralise unmanned aerial threats.
The government also plans to establish national and regional command-and-control centres to improve real-time coordination and response to security incidents across the country.
Mr Musa said the initiative would place strong emphasis on technology transfer and local capacity development through the establishment of a military Centre of Excellence in Nigeria.
He added that the federal government would leverage partnerships with international firms, including Marss UK Ltd, while simultaneously building indigenous capabilities to address insurgency, illegal mining, piracy and other security threats.
Nigeria has continued to battle multiple security challenges in recent years, including insurgency in the North-East, banditry and kidnappings in the North-West, farmer-herder clashes in the North-Central region, crude oil theft in the Niger Delta and piracy in the Gulf of Guinea.
Nigeria is stepping up its defence as the border region of Nigeria, Benin and Niger on the southern edge of the Sahel region is becoming a new stronghold for jihadists, as militants turn forests and pastoral networks in West Africa into bases for recruitment and international attacks.
Attacks in Nigeria have also risen, with data from the website of the Armed Conflict Location & Event Data (ACLED), a conflict-monitoring group, affirming that the number of suicide bombings in Nigeria by March already matched the annual average over the past six years.
The Nigerian military has also been dealt a blow to its military bases and senior figures targeted. In April, Brigadier-General Oseni Omoh Braimah was killed when Islamist fighters attacked a base in Borno State.
To also meet the defence goal, Nigeria is stepping up efforts to build domestic arms-manufacturing capacity.
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Nigeria, Morocco to Seal Atlantic Gas Pipeline Deal by Q4 2026
By Adedapo Adesanya
Nigeria and Morocco are set to sign a major intergovernmental agreement later this year to push forward the long-delayed Nigeria-Morocco Gas Pipeline project, a multi-billion-dollar energy corridor expected to reshape gas trade across West Africa and Europe.
The agreement, expected to be signed in the fourth quarter of 2026 by President Bola Tinubu and King Mohammed VI of Morocco, follows the completion of preliminary technical studies for the ambitious project, according to officials from both countries.
The pipeline, also known as the African Atlantic Gas Pipeline, is projected to stretch about 6,900 kilometres along offshore and onshore routes across West Africa, making it one of the largest gas infrastructure projects on the continent.
With an estimated cost of $25 billion, the pipeline is designed to transport up to 30 billion cubic metres of gas annually once completed.
Discussions on the project gained fresh momentum during a telephone conversation between Nigeria’s Minister of Foreign Affairs, Mr Bianca Odumegwu-Ojukwu, and her Moroccan counterpart, Mr Nasser Bourita.
The project would not only strengthen energy cooperation between the two countries but also improve regional economic integration and expand Africa’s access to European energy markets.
According to Morocco’s hydrocarbons and mining agency, ONHYM, part of the gas supply will support Morocco’s domestic energy demand, while large export volumes will be directed to Europe.
The project, first proposed about a decade ago, is seen as a strategic alternative gas supply route amid rising global energy security concerns and Europe’s search for more diversified energy sources.
Beyond the pipeline, Nigeria and Morocco are also exploring broader economic partnerships, particularly in fertiliser production and distribution to support food security across Africa.
Both countries also agreed on the need to revive the Nigeria-Morocco Business Council to strengthen trade and investment relations under the African Continental Free Trade Area framework.
Analysts noted that the project could significantly boost gas monetisation opportunities for Nigeria, expand regional infrastructure development, and deepen economic ties between West African nations and Europe if successfully executed.
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Impact Investors Foundation Launches GESI Baseline Report
The Impact Investors Foundation (IIF), Nigeria’s leading platform for unlocking impact capital, today hosted the 4th Gender Impact Investment Summit (GIIS). The landmark event featured the historic unveiling of the Inclusive Capital Scorecard, a Gender Equity and Social Inclusion Baseline report, which establishes a foundation and clear understanding for GESI integration practices in impact investment.
The summit, themed “From Commitment to Action: Strengthening Inclusive Gender Lens Investment for Nigeria’s Growth,” convened at a critical juncture for deepening Nigeria’s National Women Economic Empowerment policy. Building on the momentum of previous years, where over 50 organisations pledged support for inclusive capital, the 4th GIIS serves as the definitive platform to translate high-level pledges into tangible, measurable results for women, youth, and the over 35 million Nigerians living with disabilities.
The centrepiece of this year’s summit was the GESI baseline survey, which serves as a reference point for tracking progress, informing interventions, and strengthening accountability toward achieving the national inclusive capital roadmap. It also features a policy roundtable, where regulators, ministries and government agencies made actionable commitments to strengthen cross-sector collaboration, and accelerate policy implementation for women, youths and persons with disabilities (PwD) in key economic sectors, including climate resilient industries. “The GESI Baseline Report is more than a document; it is the data-driven foundation required to fix structural barriers in our financial system,” stated Etemore Glover, CEO of the Impact Investors Foundation. “While women own nearly 40% of Nigerian businesses, they receive a disproportionately small share of formal credit. This report empowers stakeholders to identify acute gaps and benchmark progress as we move toward a truly inclusive economy.”
Ibukun Awosika, Chair of GSG Nigeria Partner and Vice Chair of GSG Impact, emphasised the significance of this milestone at the 4th GIIS: “By providing the data-driven foundation needed to benchmark progress, it demands that stakeholders not only mobilise inclusive capital at scale but also embed GESI and gender lens investment principles into every investment decision and policy. This summit is the definitive platform to close investment gaps, unlocking Nigeria’s full economic potential and ensuring our growth is truly equitable and transformative.”
The 4th Gender Impact Investment Summit (GIIS) acts as a vehicle to dismantle obstacles for women, serving as a catalyst for growth by actively driving impact to accommodate women, including those in the informal labour market. It moves beyond rhetoric to institutionalise accountability by encouraging organisations to not only track how capital is raised, but also the type of capital deployed, jobs created, enterprise growth, geographic reach, and measurable inclusion outcomes.
Gender Equality and Social Inclusion (GESI) are increasingly recognised as critical leverage points; by addressing the institutional gaps that leave women, youths and persons with disabilities-led businesses under-resourced, Nigeria can catalyse a new wave of data-driven investment and productivity.
The keynote address, ‘Turning Gender Equity into Economic Advantage,’ presented by His Highness Khalifa Muhammad Sanusi II CON, Sarkin Kano, stressed the need for the intentional dismantling of structural barriers that hinder women’s financial inclusion, noting that gender equality is not merely a social imperative but a critical economic lever for national prosperity.
To facilitate immediate economic impact, the 4th GIIS introduced enhanced Deal Rooms, operating both virtually and in-person. These rooms are specifically designed to provide a direct matchmaking pipeline, connecting investors with ready-to-scale, women-led enterprises, leading to a soft commitment of about $250,000 from investors.
In addition, the summit featured technical sessions which emphasised institutional capacity building, equipping both public and private sector actors with the GESI diagnostic tools, investment readiness tools and data capturing frameworks necessary to mainstream GESI and gender lens investing (GLI) into their core operations.
The economic urgency of this intervention is underscored by current data showing a stark inclusion gap: only 23% of Nigerian women have bank accounts, compared to 77% of men. By providing credible, first-of-its-kind data, the IIF is positioning the GESI Roadmap as a strategic necessity for sustainable national growth.
The summit featured high-level participation from financial institutions, Development Finance Institutions (DFIs), and policymakers. Through interactive panels and policy conversations, leaders were invited to move beyond discourse and lead in GESI integration, utilising the new report to influence future policy and investment strategies.
The 4th Gender Impact Investment Summit reaffirms IIF’s role as a strategic architect in the Nigerian investment market, dedicated to establishing actionable interventions that ensure no one is left behind in the pursuit of prosperity.
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