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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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Tinubu in UAE for 2025 Abu Dhabi Sustainability Week

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Bola Tinubu 2027 presidential election

By Modupe Gbadeyanka

President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).

He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.

A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.

He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.

However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.

The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.

In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.

ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.

It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.

At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.

The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.

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Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement

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By Dipo Olowookere

The Speaker of the Lagos State House of ​Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.

Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.

Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.

This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.

Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.

Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.

In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.

Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”

He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.

However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.

Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.

“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.

Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.

As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.

Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.

For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.

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Nigeria Suffers First National Grid Collapse of 2025

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By Modupe Gbadeyanka

Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.

It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.

Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.

It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.

This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.

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