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CFAA Leads Discourse On Churches And Compliance With CAMA ACT 2020

Sep 22, 2020   •   by   •   Source: Proshare   •   eye-icon 1683 views

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


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Following the recent signing of the  Company and Allied Matters Act2020 by President Muhammadu Buhari, the Christian Financial AccountabilityAssociation, CFAA hosted a virtual forum to discuss the new law and theimplication for the Churches in the country.


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


According to him, the CFAA isconcerned with Part F which deals with not-for-profit organizations that coverreligious organizations.


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


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


Pastor Atoyebi also made a case forChurches to look at the American model and also learn from the United Kingdomthat has a robust legal system.


The Senior Advocate of Nigeriaadvised the Church in Nigeria and other Faith-based organizations to engage thegovernment extensively and make recommendations before rules and regulationsare considered.


He alluded to the fact thataccountability in the Church and Faith-based organizations will help to boostconfidence in their activities.


In response to the recent CAMA 2020Act, 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 enjoinedChristians as good citizens to obey the laws of the land and abide by them.


"The greatest problem that we haveas a society in Nigeria is that there is no fine to be paid if people breachthem," He said.


Also speaking at the forum Mr. YinkaOgunnubi in his presentation described Christian Faith-based organizations asvery important organizations that stand on the context of the law.


For the requirements fromFaith-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 inaccounting tools even as the CFAA is working to bring a pool of auditorstogether to assist the Small congregations in their finances.


"It is important for Churches andFaith-based organizations to appoint finance committees to review theiraccounts. Also engage professionals who have a solid financial background toreport to the board of trustees" Yinka Ogunnubi said.


For the Churches and Faith-basedorganizations, Mr. Ogunnubi stressed the importance of internal controlmeasures and having a comprehensive and detailed list of donors, fortransparency and governance.


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


Proshare Nigeria Pvt. Ltd.

 

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Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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