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CAMA 2020 Will Regulate, Not Control Churches, Others—Oyedele

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Taiwo 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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Middle East Crisis: AfDB, Others Task Africa on Long‑term Structural Reforms

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Africa Long‑term Structural Reforms

By Dipo Olowookere

The need for Africa to protect itself from many external shocks not of its making has again been emphasised by the African Development Bank (AfDB), the African Union Commission (AUC), the United Nations Development Programme (UNDP), and the UN Economic Commission for Africa (UNECA).

On the margins of the 58th session of the Economic Commission for Africa in Tangier, Morocco, the continent was tasked to strengthen regional integration, accelerate African-led financial solutions, and invest decisively in energy, food, and trade resilience so as to move from vulnerability to preparedness.

The meeting focused on the spikes in energy, food and fertiliser prices caused by the ongoing conflict in the Middle East.

The United States and Israel launched airstrikes on Iran in February 2026, and since then, global oil prices have surged by more than 50 per cent as of late March. Twenty-nine currencies in Africa have weakened, raising the cost of servicing external debt and importing food, fuel, and fertiliser.

Disruptions linked to Gulf energy supplies limit access to ammonia and urea during the critical March–May planting season. This will affect agricultural production, compounding risks of crisis and emergency levels of food insecurity, especially for low‑income households and import‑dependent economies.

To address these issues, the quartet has asked African leaders to, in the short-term, stabilise fuel, food, and fertiliser supply, and execute medium‑term reforms to strengthen energy security, targeted social protection, and regional trade under the African Continental Free Trade Area (AfCFTA).

They also tasked leaders to come up with long‑term structural reforms towards stronger domestic resource mobilisation and African financial safety nets, including accelerated implementation of the African Financing Stability Mechanism.

“Continued escalation of the conflict worsens global instability, with serious implications for energy markets, food security, and economic resilience, particularly in Africa, where economic pressures remain acute,” the chairperson of AUC, Mr Mahmoud Ali Youssouf, said.

Also commenting, the UN Under-Secretary-General and Executive Secretary of UNECA, Mr Claver Gatete, said, “Africa has been hit by too many external shocks not of its making. Crises like this reinforce why Africa must finance more of its own future and strengthen regional solutions that build resilience before the next shock hits.”

On her part, the UN Assistant Secretary‑General and Director of UNDP’s Regional Bureau for Africa, Ms Ahunna Eziakonwa, submitted that, “With the right mix of policy choices, financing tools, and political resolve, Africa can weather this shock and emerge more resilient, more self-reliant, and better positioned to shape its own economic future.”

“As global crises multiply, Africa’s response must evolve from managing shocks to fostering resilience. African institutions and development partners need to act swiftly and in concert, leveraging their comparative advantages to cushion short-term shocks while laying the foundations for long-term resilience,” the president of AfDB, Mr Sidi Ould Tah, stated.

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Oyetola Sets Accountability Bar for Maritime Agencies

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By Adedapo Adesanya

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has issued a strong warning to heads of agencies under the ministry, demanding strict accountability and measurable results.

Mr Oyetola issued the warning during the signing of performance bonds with heads of maritime agencies at the Ministerial Management Retreat, held alongside the 2026 first-quarter stakeholders’ engagement in Lagos on Thursday, where he emphasised the need for performance-driven governance.

“Let me emphasise that all Departments and Agencies under the Ministry must remain firmly focused on delivering tangible results,” he said.

In a statement by Mr Bolaji Akinola, Special Adviser to the Minister, Mr Oyetola noted that performance bonds to be signed during the retreat are binding commitments that will be closely monitored and rigorously evaluated.

“These are not ceremonial documents. They are binding commitments. Accountability will not be optional,” the Minister declared.

Mr Oyetola reiterated the need for data-driven decision-making, robust monitoring and evaluation frameworks, and alignment with the Ministry’s strategic objectives.

“At the institutional level, we must remain disciplined and accountable. Every department and agency must deliver measurable outcomes,” he added.

He explained that the retreat was designed to foster alignment between policy formulation, implementation, and stakeholder expectations.

“The integration of this engagement enables us to listen, reflect, and recalibrate,” he said.

The agencies include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers’ Council (NSC), National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, and the Council for the Regulation of Freight Forwarding in Nigeria.

He also announced a 160 per cent increase in revenue generated by agencies under the ministry, attributing the growth to sweeping reforms and a renewed focus on accountability.

“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.

The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.

“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.

Mr Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.

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Presidency Explains Reason Tinubu Met Jos Attack Victims at Airport

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Tinubu Angwan Rukuba jos victims

By Modupe Gbadeyanka

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, has explained why Mr Bola Tinubu addressed the victims of the Plateau attacks at the airport on Thursday evening.

The decision of President Tinubu to console victims of the attacks, which left over 20 persons dead, at the Yakubu Gowon Airport in Jos last night has continued to generate reactions.

He was criticised for not visiting the victims at the epicentre, Angwan Rukuba, instead of having them to travel to meet with him at the airport.

In a statement on Friday, Mr Onanuga said his principal’s itinerary for yesterday included two main engagements: receiving the Chadian President, Mahamat Idriss Déby Itno, and proceeding to Iperu, Ogun State.

“After Governor Caleb Mutfwang’s briefing, President Tinubu suspended the trip to Ogun. Overnight, the Presidential Villa made arrangements for the visit to Jos, with presidential assets quickly deployed. However, the President could not postpone the scheduled visit by the Chadian leader.

“The President of Chad was at the Presidential Villa for a very important bilateral meeting focused on strengthening security collaboration between the two countries. The meeting ran longer than expected, affecting President Tinubu’s scheduled departure for Jos.

“Upon arrival in Jos, the visit encountered some logistical challenges. While the road distance from the airport to Jos township is approximately 40 minutes, the runway does not support night flights due to the absence of navigational aids. The constraints made it unfeasible to drive into town,  meet victims for on-the-spot assessment and return to the airport before dusk.

“Consequently, state and federal officials decided to bring representatives of the affected community to a hall adjoining the airport so the President could meet with them promptly while adhering to flight restrictions. Among the people in the hall were the Minister of Defence, the Chief of Army Staff and the Inspector General of Police, who had visited Rukuba, the epicentre of the conflict.  President Tinubu deployed the high-level team to Rukuba, including the Senior Special Assistant on Community Engagement, to undertake critical groundwork on security and community engagement, with a view to stabilising the area before his arrival.

“Beyond expressing his condolences to the victims, President Tinubu’s objective was to engage with critical stakeholders in Plateau State on ending the recurring, decades-old conflict that has resulted in needless loss of lives and property.

“President Tinubu’s visit to Jos was not merely symbolic. It was a strategic, high-level engagement aimed at bringing all stakeholders together to address the root causes of conflict and insecurity in the state.

“He interacted with the victims, consoled them, and listened to them. He also listened to local leaders and assured them that the federal government would deliver justice and end the cycle of violence. He promised the deployment of 5000 AI-enabled cameras to monitor the city and enhance the identification and arrest of troublemakers.

“Furthermore, the President invited the community leaders to Abuja for further talks on finding a lasting solution to the recurring violence in the state.

“The meeting, televised live, was solemn and reassuring, boosting residents’ confidence. President Tinubu achieved the purpose of his visit, despite the naysayers’ attempts to ridicule it. He dropped an unmistakable message:  sustainable peace must be built with the people, not imposed on them,” the presidency explained.

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