The Supreme Primate of the World Council of Bishops, His Eminence, Archbishop Dr. Polycarp Sunday, has kicked against the application of the Company and Allied Matters Act, CAMA, to churches.

The World Council of Bishops emphatically described CAMA laws on churches, religious bodies by Nigeria’s Federal Government as an illegality.

Bishop Sunday, in a statement to DAILY POST on Tuesday, pointed out unequivocally and unashamedly that “the Church as a Bride of Christ is first Spiritual in ALL and will never and must not be subjected to carnality, but God’s Holy Word, the Bible as her basic principle and constitution, thus, anything or policies, be it government, organizational or individual, that is inconsistent with God’s Holy Word is unconstitutional and illegal.

Source...https://dailypost.ng/2020/08/19/cama-you-cant-subject-the-church-to-carnality-world-bishops-warn-buhari/

Shut up.

You go abroad and obey all the carnal Laws but subject your own people to as much oppression as you can because they are sheeple.

Idiots all of you.

pls if you can't solve corona issue...just do as the fg has said...the govt too can use Malachi 3v10 as their basic for this new development

Commentor:
Shut up.

You go abroad and obey all the carnal Laws but subject your own people to as much oppression as you can because they are sheeple.

Idiots all of you.

Take it easy!

Bestx:

Take it easy!

No I won't.

These hypocrites get auditors, declare their annual receipts, abide by the laid down laws of the foreign countries they go to enjoy.

When they seek visas they fill out all the sections include the dates of birth of their parents but once you ask them to do the basics in Nigeria, they begin to quote nonsense.

This is simply because majority of their congregation is made up of idiots.

IgweBUIKE1:
pls if you can't solve corona issue...just do as the fg has said...the govt too can use Malachi 3v10 as their basic for this new development

Keep shut. How many of the miracles Jesus did was a result of challenge. As a natter of fact Jesus tagged such a challenge a temptation and we know thou shall not ...... tempt the Lord thy God, so keep eternally shut or accept Jesus.

Commentor:


No I won't.

These hypocrites get auditors, declare their annual receipts, abide by the laid down laws of the foreign countries they go to enjoy.

When they seek visas they fill out all the sections include the dates of birth of their parents but once you ask them to do the basics in Nigeria, they begin to quote nonsense.

This is simply because majority of their congregation is made up of idiots.

In Nigeria they are only making rules because of the evil they plan towards the church. There is no rule that says laws in advanced nations are replicable here.
Tell me how will they monitor one street corner mosque where terrorists breed or their finances? Such devilish moves are an interference in private relationships. It is like making a rules that all forms of contribution should be reported to the FG. It is daft at best.

CodeTemplar:

In Nigeria they are only making rules because of the evil they plan towards the church. There is no rule that says laws in advanced nations are replicable here.
Tell me how will they monitor one street corner mosque where terrorists breed or their finances? Such devilish moves are an interference in private relationships. It is like making a rules that all forms of contribution should be reported to the FG. It is daft at best.

Shut up.

You lot are truly hypocrites and I pray you never escape the country you produce.

Commentor:


Shut up.

You lot are truly hypocrites and I pray you never escape the country you produce.

Your type are the problem. If you came out to criticize Buratai and Buhari when they crushed Shiite for road blocking but allowed Sunnis to do same every Friday, this kind of rubbish law won't come to their minds.

CodeTemplar:
Your type are the problem. If you came out to criticize Buratai and Buhari when they crushed Shiite for road blocking but allowed Sunnis to do same every Friday, this kind of rubbish law won't come to their minds.

My prayer is simple.

The kind of Nigeria you are active towards is the Nigeria you must live and die in.

Bestx:

The Supreme Primate of the World Council of Bishops, His Eminence, Archbishop Dr. Polycarp Sunday, has kicked against the application of the Company and Allied Matters Act, CAMA, to churches.

The World Council of Bishops emphatically described CAMA laws on churches, religious bodies by Nigeria’s Federal Government as an illegality.

What are these folks really carping against? Is this Act only against Churches or what? Does anyone have details on the act in question to share? Why all the hullabaloo over this new Act?

Why do the Churches feel targeted when they are not singled out in anyway?

1. Provision of single-member/shareholder companies – S.18(2) of the new CAMA now makes it possible to establish a private company with only one (1) member or shareholder.

2. Introduction of Statement of Compliance – S.40 (1) of the new Act introduces the Statement of Compliance which can be signed by an applicant or his agent, confirming therein that the requirements of the law as to registration have been complied with. This serves as an alternative to the requirement to submit a Declaration of Compliance, which must be signed by a lawyer or attested to before a notary public. A Statement of Compliance need not be signed by a lawyer.

3. Replacement of Authorized Share Capital with Minimum Share Capital – The concept of “authorised share capital” has now been replaced in S.27 of the Act with the concept of “minimum share capital”. With minimum share capital, promoter(s) of a business need not pay for shares that are not needed at a specific time.

4. Procurement of a Common Seal is no longer a mandatory requirement – The procurement of a Common Seal is no longer a mandatory requirement according to S.98 of the new CAMA: Every company is required under the previous Act to have a common seal, the use of which is to be regulated by the Articles of Association. This amendment is in line with international best practices as most jurisdictions around the world have expunged the requirement from their respective laws.

5. Provision for electronic filing, electronic share transfer and e-meetings for private companies – The new CAMA makes provision for electronic filing, electronic share transfer and e-meetings for private companies. S.861 of the new CAMA provides that certified true copies of electronically filed documents are admissible in evidence, with equal validity with the original documents. S.176(1) also provides that instruments of transfer of shares shall include electronic instruments of transfer.

6. Provision for virtual Annual General Meetings – The new CAMA also provides for remote or virtual general meetings, provided that such meetings are conducted in accordance with the Articles of Association of the company. This will facilitate participation at such meetings from any location within and outside the shores of the country, at minimal costs. This is especially relevant today given the disruptions caused by the Covid-19 pandemic to company operations around the world.

7. Exemption from appointing Auditors – Small companies or any company having a single shareholder are no longer mandated to appoint auditors at the annual general meeting to audit the financial records of the company. S. 402 of the new CAMA provides for the exemption in relation to the audit of accounts in respect of a financial year.

8. Exemption from the appointment of company secretary – The appointment of a Company Secretary is now optional for private companies. According to S. 330 (1) of the new CAMA, the appointment of a company secretary is only mandatory for public companies.

9. Creation of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs) – The new CAMA introduces the concept of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs). This combines the organisational flexibility and tax status of a partnership with the limited liability of members of a company.

10. Reduction of Filing Fees for Registration of Charges – Under S. 223 (12) of the new Act, the total fees payable to the CAC for filing has been reduced to 0.35% of the value of the charge. This is expected to lead to up to 65% reduction in the associated cost payable under the regime.

11. Merger of Incorporated Trustees – S. 849 of the new Act provides for merger between two or more associations with similar aims and objects under such terms and conditions as may be prescribed by the CAC.

12. Disclosure of persons with significant control in companies – S.119 of the new Act introduces new transparency provision with an obligation for entities to disclose capacity in which shares are held, either as a beneficial owner or as a nominee of an interested person.

13. Restriction on Multiple Directorship in Public Companies – S.307(1) of the Act prohibits a person from being a director in more than five (5) public companies at a time.

14. Business Rescue provisions for Insolvent Companies – The new Act introduces a framework for rescuing a company in distress and to keep it alive as against allowing such entity to become insolvent. Provisions were made with respect to Company Voluntary Arrangements (S.434 to S.442), Administration (S.443 to S.549) and Netting (S.718 to S.721).

15. Enhancement of Minority Shareholder Protection and Engagement – S. 265 (6) restricts firms from appointing a director to hold the office of the Chairman and Chief Executive Officer of a private company.

https://www.premiumtimesng.com/features-and-interviews/407400-cama-2020-15-business-friendly-provisions-in-nigerias-new-companies-and-allied-matters-act.html

Commentor:


My prayer is simple.

The kind of Nigeria you are active towards is the Nigeria you must live and die in.

I owe you nothing.

You the professional prayer man, the kind you are active towards is the one you will live and die in.

CodeTemplar:


I owe you nothing.

You the professional prayer man, the kind you are active towards is the one you will live and die in.

Amen.

Bestx:

The Supreme Primate of the World Council of Bishops, His Eminence, Archbishop Dr. Polycarp Sunday, has kicked against the application of the Company and Allied Matters Act, CAMA, to churches.

The World Council of Bishops emphatically described CAMA laws on churches, religious bodies by Nigeria’s Federal Government as an illegality.

Bishop Sunday, in a statement to DAILY POST on Tuesday, pointed out unequivocally and unashamedly that “the Church as a Bride of Christ is first Spiritual in ALL and will never and must not be subjected to carnality, but God’s Holy Word, the Bible as her basic principle and constitution, thus, anything or policies, be it government, organizational or individual, that is inconsistent with God’s Holy Word is unconstitutional and illegal.

Source...https://dailypost.ng/2020/08/19/cama-you-cant-subject-the-church-to-carnality-world-bishops-warn-buhari/

Yes oh. How can umbelievers become trustee of house of God. Never!!

Ignorance is truly not bliss!

These amendments to CAMA 2020 are explained below by section:

Section 18 (2): This provides that one person can now become a shareholder of a company, as against the previous requirement for two persons to form a company. In this context, the person cannot be a minor (a person below the age of 18).

Section 27: This section replaces ‘Authorized Share Capital’ with ‘Minimum Share Capital’. This implies that promoter(s) of a business are not required to pay for or allocate shares that are not needed at the specific time of incorporation.

Section 40 (1): There is the introduction of Statement of Compliance (SOC) signed by an Applicant (or agent), without the need for a Lawyer or Notary Public to attest to Declaration of Compliance (DOC). SOC is a requirement of the law that indicates that the applicant has complied with the registration and requirements.

Section 98: This section abolished the mandatory use of common seal, as its use by companies is now optional, NOT mandatory.

Section 119: This section emphasizes transparency in terms of control in a company. It requires that persons with significant control in a company disclose its shareholding to other shareholders. For example, anyone who has person(s) holding shares on their behalf as trustees or proxies, whilst being shareholders themselves in same company, are expected to disclose such relationship for transparency.

Section 223 (12): There is a significant reduction of Filing Fees for Registration of Charges to 0.35%, which implies a reduction of cost in fees relating to charges.

Section 265 (6): Firms cannot appoint one (1) Director to hold the office of Chairman and Chief Executive Officer of a private Limited Liability Company.

Section 307 (1): One single person cannot be a Director in five (5) different Public Limited Liability Companies.

Section 330: Private Limited Liability Companies are now exempted from appointing Company Secretary.

Section 402: Small companies or companies having one shareholder are NOT mandated to appoint auditors at AGMs to audit their financial records. These companies are exempted from auditing accounts in respect of a financial year.

Section 434 – 549; 718 – 721: Insolvent Companies can now be rescued from distress and liquidation, instead of winding up through the following options: Voluntary Arrangements, Administration, and Netting.

Section 849: The new Act extends merger beyond LLCs to Incorporated Trustees. This implies that two or more NGOs, social entrepreneurs with different registered organizations, with similar goals can merge to form one (1) single organization.

Section 861: This section validates the recognition for electronic filing of documents, electronic share transfer, and electronic meetings for Private Limited Liability Companies (LLC). In another provision (section) of the same law, you can now hold or attend Virtual AGM (Annual General Meetings) from anywhere in the world.

Finally, the new Act, introduces Limited Liability Partnerships and Limited Partnerships, which combines flexibility and tax status of a partnership with the status of limited liability for members of a company. This implies that Startups are not stuck with the option of setting up a Company, but also enjoy the benefits of partnership which a partnership agreement (including vesting agreement, and founders agreements) beyond the regular Articles and Memorandum of Association, whilst still protecting their personal assets from being sold in claims for debts, liability, or creditors.

https://thenigerialawyer.com/new-amendment-to-the-nigerian-companies-and-allied-matters-act-cama-2020-simplified-for-startups-nonprofits-and-social-entrepreneurs/

CodeTemplar:
Keep shut. How many of the miracles Jesus did was a result of challenge. As a natter of fact Jesus tagged such a challenge a temptation and we know thou shall not ...... tempt the Lord thy God, so keep eternally shut or accept Jesus.

really?? all this low budget Christian self..must you you abusive word in other to prove your daddy at ota right..he should obey the FG..of what benefit is the church to the societysince u won't complain of the tax on the fleet of car owner..then you should remain forever silent on this cama issue

IgweBUIKE1:
really?? all this low budget Christian self..must you you abusive word in other to prove your daddy at ota right..he should obey the FG..of what benefit is the church to the society since u won't complain of the tax on the fleet of car owner..then you should remain forever silent on this cama issue

Incoherent stuff there...

IgweBUIKE1:
really?? all this low budget Christian self..must you you abusive word in other to prove your daddy at ota right..he should obey the FG..of what benefit is the church to the societysince u won't complain of the tax on the fleet of car owner..then you should remain forever silent on this cama issue

Tax isn't for what people own but what they make from production. You cannot tax contribution as you tax car owners.