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

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.