Amidst the threatening economic fiasco due to coronavirus pandemic in Nigeria, President Muhammadu Buhari on August 7 signed into law the Companies and Allied Matters (CAMA) bill 2020 recently passed by the National Assembly.
The signature was contained in a statement made available by his Special Adviser on Media and Publicity, Mr Femi Adesina, the president’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act 1990 introduced after 30 years, several corporate legal innovations geared towards enhancing the ease of doing business in the country.
Meanwhile, tongues have been lashing and head rolling on the assent by President Muhammadu Buhari.
The Christian Association of Nigeria (CAN) rejected the CAMA Act 2020, especially because it applies to churches.
In a statement made available and signed by the Special Assistant on Media to the association’s president, Mr Adebayo Oladeji CAN reject the law tagging it as “unacceptable and ungodly.”
Also, Bishop David Oyedepo of the Living Faith Church kicked against the application of CAMA Act in churches.
Oyedepo said such laws were borne out of government’s jealousy about the prosperity recorded by the churches.
Oyedepo questioned the rationality behind subjecting churches to the same laws as companies, describing the church as God’s heritage on earth.
In reply to the standpoints of CAN and Oyedepo, the federal government through one of its aides, Lauretta Onochie said, “I hope this is not true. If it is, Oyedepo will have to manufacture his own country and live by his own laws.
“As long as he lives and operates within the entity called Nigeria, he will live by Nigerian rules and laws. He will do as he’s told by the law. Enough of lawlessness.”
However, a Lagos Based Litigator, Legal Practitioner, and social commentator, Morakinyo Olasupo, Esq., said that the churches are just being frivolous especially the religious leaders who have criticized CAMA, 2020.
“You cannot benefit under a law that clothes you with a juristic status and run away from checks, balances, and thorough Regulation. They are in a state of fear because of copious atrocities and financial recklessness that happen among the religious leaders.
“The churches are incorporated as Registered Trustees with their CAC identities, why then are they clamouring for the exclusion under the same the law. Why are some of these churches scared of transparency and accountability?” he queried.
Morakinyo further corroborated his claim by highlighting 24 major discrepancies between the 1990 CAMA Act and 2020 CAMA Act compiled by a Corporate Lawyer, Habeeb Lekan Sakariyah.
See the differences in the table below:
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