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Tag: CAC

  • Obadare canvasses for fasting, prayer

    Pastor Paul Obadare, the first son of the late General Evangelist of Christ Apostolic Church(CAC), Prophet Timothy Obadare, has called on President Goodluck Jonathan to declare a three-day fasting and prayer on the various challenges confronting the country.

    Obadare, who is also the general overseer of the World Soul Winning Evangelistic Ministries (WOSEM), made the call last Thursday in a parley with reporters in Lagos.

    He claimed that God told him during a private prayer in May to ask Jonathan, as leader of the nation, to declare a fasting and prayer programme.

    He said: “The message is urgent and s from God, the highest Supreme. God instructed that Nigeria should confess all her sins and ask for forgiveness, particularly, the sins of shedding the blood of the innocents, corruption and idolatry.”

    Obadare added Nigeria must ask God to completely shut the door against civil and national war and have mercy on the nation.

    He added that Nigerians must pray against the wicked plan of darkness to cause bloodshed, especially as the 2015 general elections approaches.

    The nation’s woes, he stated, are more attributable to spiritual rather than physical forces.

    “God loves this country despite our short comings as a nation. God always reveals himself to us. He is asking us to pray and follow His instructions and if we do and forsake our sins, He will guide us right,” Obadare assured.

    He vowed that political leaders plotting against the nation would have God to contend with.

    Obadare reasoned all the challenges in the land should drive Christians to their knees

    “There is deep division, security challenges, poverty and joblessness across the land. But we believe rather than give way to depression and despondency, it is a challenge to all Christians to pray and entreat God for mercy,” he stressed.

    He said rather than lose hope since the country had not realised her full potential, Nigerians must continually pray for divine intervention.

  • Registration, forgery scandal rocks CAC

    •Esiso siblings, lawyer arrested

    The Corporate Affairs Commission (CAC) is enmeshed in a directorship registration and forgery scandal involving Gateway Estates Limited, a multi-billion naira firm.

    Two siblings, Mrs. Eunice Odirri and Mr. Sunny Esiso, children of the owner of the firm, the late Chief E.A. Esiso, and a lawyer, Mr. Wilfred Okoli, were allegedly arrested last week by the Special Fraud Unit (SFU) of the police in connection with the case.

    The suspects were, however, said to have been released on bail while the SFU was alleged to be on the trail of their suspected collaborators in CAC.

    SFU sources said the suspects may be arraigned before a Magistrate Court in Warri, Delta State, this week on charges of fraud and forgery.

    Founded by the late Esiso, Gateway Estates Limited has substantial real estate holdings across the country, particularly in Warri.

    The deceased and his wife, Mrs Iketiti Esiso, were registered as co-directors.

    Esiso’s death in 2011, according to a petition by his first son, Y. Esiso, and upon which the SFU is acting, left the firm with one director.

    This threw up the need to appoint at least one more director to the company’s board.

    The family, in the petition to the Commissioner of Police, SFU, Milverton Road, Ikoyi, dated February 15, 2014 headed to a Delta State High Court, sitting in Effurun, which granted Esiso’s first son and the eldest daughter as interim administrators of his estate.

    The duo then approached the CAC to request that they be allowed to appoint new directors to the board of their father’s firm.

    This, the petition claimed, became necessary because the passing of their father had left the company with only one director, in contravention of the legal requirement of a minimum of two directors.

    “The CAC rejected their request on the grounds that an order from a state court does not suffice to command the compliance of CAC.

    “CAC insisted that the duo must go to yet another court, this time the Federal High Court to get an order for an extraordinary general meeting.

    “The strident objection of Barrister Ama Etuwewe, acting for the court appointed administrators to the illegality of this peremptory command, did not sway CAC from her flagrant contempt of an order of court,” the petition said.

    This notwithstanding, the interim administrators reportedly instructed their counsel to approach the Federal High Court for the further order as insisted upon by the CAC.

    “In January 2013, the Federal High Court, sitting in Abuja, granted the said order subsequent upon which an extra ordinary general meeting was summoned by the administrators at which resolutions were passed and adopted and a list of new board members nominated and forwarded to CAC,” the petition stated.

    CAC was said to have made a U-turn and rejected the administrators’ list of directors mandated by the Federal High Court order

    The petition alleged: “When pressed, they refused to give reasons for their second, more egregious contempt of court but a quick perusal of the files of CAC revealed that while CAC was sending the administrators on a wild goose chase for more court orders, they had proceeded with the acceptance of a list of directors from one Barrister Wilfred Okoli of C84, Banex Plaza, Wuse 11, acting for the duo of Mrs. Eunice Oddiri and Mr. Sunny Esiso, siblings and the fifth and sixth children of the late Chief Esiso.

    “Ostensibly, CAC accepted the list from the duo on the basis of a form purported to be signed by the sole surviving director, Mrs. Iketiti Esiso and one Mr. Anthony Chikwendu, who had acted as Company Secretary at the time of formation of Gate Way Estates Ltd. in March 1973, 41 years ago.”

    A family source said: “When the name of Mr. Anthony Chikwendu was appended to the April 2013 form and when, on examination, it was discovered that the name was incorrectly spelt and the affixed signature suspected to be forgery, the case was reported to the Special Fraud Unit of the police.”

  • I’m dying, helpless patient cries out

    I’m dying, helpless patient cries out

    Sure, not a few would mistake her for an expectant mother, but she is not. In excruciating pains, Grace Adebayo, 31, has since 2000, carried in her womb, a pernicious ovarian growth that has made life a nightmare for her.

    Her predicament started that year. She was in Lagos in search of greener pastures after completing her Senior Secondary Certificate Examination (SSCE), at the Iddo Community High School, Ibadan, Oyo State capital.

    Being the last among the six children of her parents, she was staying with her first brother, a cleric at the Christ Apostolic Church (CAC), Ajah. Suddenly, she felt a strange swelling in her stomach and her siblings took her to Mainland General Hospital, Marina, Lagos. From there, she was referred to the Lagos University Teaching Hospital (LUTH), Idi Araba.

    After screening and diagnostic assessments, it was discovered that she had an ovarian tumor which could only be removed through what is known in medical parlance as Fxp Laparotomy- Cytoreduction. Doctors also said she would undergo General Anesthesia (GA).

    Then, all she needed to get well was N135, 000 which her family could not raise. Then in 2003, she was compelled to return to her Ile Agbede-Adodo, Ibadan home to try if she could raise it. The move yielded no fruits as her cash-strapped kith and kin lacked the financial muscle to help her out.

    Not ready to resign to fate, Grace turned to churches; visited Imams, Alfas, herbalists and other trado-medical practitioners, in desperation for a way out of her predicament. Rather than get the desired relief, her case deteriorated.

    All she could do to raise the needed fund was to learn sewing. It did not work.

    In 2003, her mother, Mrs Maria Adebayo, a widow, sold some personal valuables to raise the money to send her back to LUTH. Sadly, the cost of treatment and other administrative fees had soared. And all she had on her was a far cry from what she needed.

    She was told that within the period of four years, the tumor had grown worse; therefore, before she could undergo the surgery, the tumor would need to be further investigated – at a cost.

    Her admission for each week, it was said, would cost N23, 600, besides N20, 000 per week till she would recover and be discharged. She would also need some pints of blood apart from investigation fees, it was said.

    Being at a loss for how to raise the money, her hope crashed. “I became confused in hopelessness. I almost fainted. Now, I’m dying,” Grace said.

    With full knowledge of the financial situation of the home-front in Ibadan, going back there was not an option. She has, therefore, resorted to sleeping in and outside the hospital, churches and in neighbouring streets.

    The need for survival has forced her to dip her hands into the money initially raised for her treatment. Now, out of desperation, she has turned to the Corporate Department of the hospital for assistance through its Head, Mrs Hope Nwaowolo, who has appealed to well-meaning Nigerians and corporate bodies to help her get the sought succour.

    All she needs now is N400,000. “There is nothing else left for me to sell to take care of my dying daughter. Nigerians should please help me; this is beyond me,” sobbing, her mother pleaded yesterday.

    Any Good Samaritan, the hospital said, could approach its Corporate Department or pay into the hospital’s retainer’s account: Union Bank of Nigeria Plc, Idi-Araba Branch with account number: 0007427021 (Sort Code: 032154645).

  • CAC President urges ritualists to repent

    CAC President urges ritualists to repent

    The Christ Apostolic Church (CAC) has warned ritualists to stop the “horrendous act” or face God’s wrath.

    President of CAC Worldwide Pastor Abraham Akinosun was reacting to the discovery of the Soka “forest of horror” in Ibadan, the Oyo State capital.

    He spoke yesterday at the celebration of the 130th anniversary of the Yoruba Bible, a programme organised by the Bible Society of Nigeria (BSN) to commemorate Nigeria’s centenary anniversary, at the CAC General Secretariat in Bashorun, Ibadan.

    Pastor Akinosun condemned kidnapping and ritual killing, saying: “Kidnappers have their patrons. Among them are evil clerics, politicians and businessmen. Everybody must repent. All patrons of evil priests, herbalists and witch doctors, evil cults and all forms of confraternities should repent. Let Christians rise up to deliver Nigeria from the forces of darkness through the power in the word of God. We need more Bibles to be printed and circulated in interior parts of Nigeria.”

    The cleric hailed Oyo State Governor Abiola Ajimobi on steps taken on the kidnappers’ den and urged the federal and state governments to do more to curb the menace.

    He said: “The government should stop encouraging pagan worship, cultism and occultism. The agents of the devil have nothing good to offer us. The Bible says the devil can do nothing else other than evil. Many of them are the devil’s foot soldiers. People in secret cults should be fished out and given the option to quit such evil cults.”

    Chairman, CAC Planning Committee, Pastor Johnson Olabisi said the church has been in partnership with BSN for years on the propagation of the gospel through printing the Bible in various languages and distributing it to people.

  • Ex-leader appeals to warring factions in CAC

    The former General Superintendent of the Christ Apostolic Church (CAC) Worldwide, Pastor Daniel Oloye, has appealed to warring factions in the church to give peace a chance.

    He asked leaders of the groups to drop their personal agendas and work for the progress of the church.

    Oloye spoke last Sunday at the 26th anniversary of the Christ Apostolic Church Transfiguration Hill Zone, Ajuwon, Ogun State.

    The weeklong celebration attracted government functionaries, traditional rulers, captains of industries and church leaders.

    Decrying the disunity in the church, Oloye said the leaders must close ranks to fulfill the end time mandate of the church.

    He pleaded: “Let us reconcile with God and with ourselves without any delay because we will one day personally give accounts of our stewardship here on earth and it will be very unfortunate if, because of our quest for positions, we miss heaven and our rewards.”

    Oloye noted there would always be differences since the church is made up of human beings.

    He however said Christians must learn to resolve such differences “so as not to give room for the devil to scorn us and make mockery of our faith in Christ.”

    The Chairman of CAC Transfiguration Zone, Pastor Emmanuel Odejobi, said the anniversary was a celebration of God’s grace, love and faithfulness to the church which are innumerable.

  • Abiara hails Jonathan, lawmakers on anti-gay law

    Abiara hails Jonathan, lawmakers on anti-gay law

    The General Evangelist of the Christ Apostolic Church (CAC), Worldwide, Prophet Samuel Abiara, has hailed President Goodluck Jonathan and lawmakers on the Same Sex Marriage Prohibition Law.

    Speaking at an annual programme of the CAC in Lagos, Prophet Abiara praised lawmakers for rejecting same sex marriage.

    He said: “We thank God for President Jonathan and his cabinet. His stand on same sex marriage is commendable. Our President was the first to reject the same sex marriage law and I thank God that he did not follow the way of destruction as other countries. I want you to know that the God, who destroyed Sodom and Gomorrah, is the same today. God is going to destroy those who practise same sex marriage.”

    Prophet Abiara said God would provide for Nigeria, if the Western world fulfills its threat to withdraw its assistance.

    Describing same sex marriage as “rubbish”, he said Nigerians should thank God considering happenings around the world.

    The cleric said: “Last year was like Egypt and the Red Sea, but God spared our lives as he did the Israelites. We need to thank God. If you regularly read national and foreign prints and follow the electronic media, you will know that God is good to you and your family.”

    Describing 2014 as a year of happiness, peace, joy, victory and achievements for people who will obey God’s commandments, he warned that it will be a year of disaster for those who reject the voice of God and swim in sin.

    Prophet Abiara said: “In this year, our governments must be careful about the coming elections. The reason God put you in that position is to help the masses, so listen to the voice of the people who voted you into power. Politics is not a do-or-die affair. You should not make life miserable for the people because, whether you like it or not, you will leave that position one day. You should do things that will speak for you after your tenure and when you are dead.”

    Urging the wealthy to assist the less privileged, he said: “You must help and comfort people around you. Do not eat your food alone. This year, do not spend your money alone. Remember that you brought nothing into the world and you will go back to your maker with nothing.”

     

  • CAC moves to end crisis

    Strong indications have emerged that an end is imminent to the long-time internal feud within the Christ Apostolic Church (CAC) Worldwide as key stakeholders and thousands of church members converged recently at the Babalola International Miracle Camp to pray for God’s intervention in ending the lingering crisis in the church.

    The church has been battling leadership tussle for close to 23 years now, a situation that needs to be addressed for her progress.

    In his welcome address at the prayer meeting, the new president of CAC Worldwide, Pastor Abraham Olukunle Akinosun, likened the crisis in the church to what happened during the reign of David when the servants of his predecessor refused to submit to his leadership and thus led to bloodshed in the nation.

    The clergyman questioned the rationale behind the protracted legal battles between the various factions in the church and called for a ceasefire. According to him, “ we dragged ourselves to court, we fight ourselves, we use police against ourselves and we slander as well as assassinate the characters of ourselves; whose glory are we seeking in all these? Are they for our own glory or God’s?”

    He said the battle for the throne during David’s time may seem tenable, but he described such action in the dispensation of the New Testament as unjustifiable.

    He enjoined the congregation to embrace the New Testament principles of peaceful co-existence which Jesus epitomises. “Jesus Christ has brought a new wine which can be expressed in terms of unconditional love, tolerance, forgiveness, and suffering on behalf of others,” he said.

    Elaborating on the reason for the prayer meeting, the General Secretary, Pastor Gideon Ogekwemeh, noted that it was a move towards obeying the voice of God who has earlier directed the new president to call the prayer meeting as the solution to the CAC crisis is beyond human initiatives. He recalled that the church leaders had taken “human steps” in the past by setting up reconciliation committees, but the problems couldn’t be fixed.

    Other ministers at the well-attended meeting included Pastor M.O Agbaje, the General Superintendent, Prophet S.K Abiara, the General Evangelist, and Pastor S.O Oladele, Chairman of Oke Ado DCC.

  • CAC converts financial reporting to IFRS

    CAC converts financial reporting to IFRS

    The Corporate Affairs Commission has successfully converted her financial reporting to the International Financial Reporting Standards IFRS, making the commission one of the first government agencies to attain this feat.

    In a statement by the Director, Corporate Affairs, Mr. Churchill William, the process which started in May 2012 has been successfully completed as the consultant to the project, Optimum Support System Ltd, has formally handed over the IFRS project to the commission.

    He said: “It will be recalled that the Federal Executive Council, FEC, had approved a roadmap for the conversion to the IFRS by business entities, institutions and public service.

    “The use of the IFRS as a universal financial reporting language has gained momentum across the globe and several countries have implemented it.

    “ The IFRS is a step in the right direction towards entrenching transparency in financial reporting in line with the transformation agenda of the federal government.”

    The Registrar General Mahmud Bello noted that the quest to have a common set of rules and standards informed the implementation of the IFRS.

    The CAC has adopted International Financial Reporting Standards, issuing its report based on the standard. The appetite for excellence, eyes for details, coupled with sheer dedication to duty and the passion to get it right at the first time demonstrated by the board management of the commission, the various committees and other stakeholders led to the success of the project.

    Mahmud said the commission has sustained its trail blazing culture, as it was the first government agency to attain the ISO certification, NIS ISO 9001: 2008 standards.

  • ‘CAC’s new registration ‘ll boost economy’

    ‘CAC’s new registration ‘ll boost economy’

    Foreign investors, real sector operators and the economy will be the biggest beneficiaries of the proposed three-hour registration scheme billed to take off next year. The project, being championed by the Corporate Affairs Commission (CAC), an agency in the Federal Ministry of Trade and Investment, writes Franca Ochigbo, will assist investors who want to start new businesses in the country.

    Over the years, businessmen

    and women, most espe

    cially for-eigners, who wish to establish businesses in Nigeria were forced to neighbouring countries where the business environment is considered favourable and less cumbersome.The ones struggling to stabilise are frustrated into extinction. The situation was so pathetic that the effect was felt on the economy.

    That partly informed why former President Olusegun Obasanjo embark on numerous overseas trips in search of investors that would rejuvenate the system. Unfortunately, not much attention was given to the former President’s plea because almost all the sectors, including the manufacturing and textile, were performing abysmally.

    This was later traced to the unfavourable business environment in the country. Of course, infrastructure and polices that would enhance business environment were improperly harnessed to make small-scale enterprises viable in Nigeria.

    Successive governments had evolved strategies aimed at improving the business environment in the country but no tangible achievements were recorded in that direction as companies were seen, not only closing shop in Nigeria but were moving to neighboring countries.

    Nevertheless, as a way of changing the situation, the Federal Ministry of Trade and Investment under, Dr. Olusegun Aganga, has put forward policies and reforms aimed at relaxing the tight business environment to attract more investors and expand the scope for doing business in Nigeria.

    To start with, the Corporate Affairs Commission (CAC), which is an agency under the ministry, has implemented a downward review in the cost of registering companies in Nigeria. In addition, the Commission has concluded plans to deploy new software in the first quarter of next year to further reduce the registration period of companies to a maximum of three hours.

    This singular act, has attracted Quality Management System (QMS) certification from the Standards Organisation of Nigeria (SON) and International Standards Organisation (ISO) as one of the best company registries in the world.

    Last week, while presenting the certificate to CAC on behalf of the International Standards Organisation (ISO), the Director-General, SON, Dr. Joseph Odumodu, said: “This remarkable achievement can be ascribed to the desire of the Commission to improve on its processes, documentation and on-time delivery of services to its customers. By this impressive feat, CAC has formally announced themselves among the league of the lofty class of Quality Management System certified organisations in Nigeria.

    Recently, CAC Registrar-General, Bello Mahmud, while speaking at the 3rd Annual Seminar for Trade and Investment Correspondents and Editors, said that CAC activities had helped to expose the “wonder banks” in the country. This, he attributed to the Commission’s collaboration with the EFCC, the CBN and other financial agencies to expose over 370 “wonder banks” out of 400 ones that were investigated. CAC is also investing hugely in electronic registration of companies and make its operations fully ICT-compliant.

    The Commission has inaugurated a committee to review contemporary law and practices nationally and internationally. The change, he said, was necessary because in the contemporary world, globalisation is increasingly blurring business boundaries. Until 2004, registration services were manually carried out in the CAC. Now, we are able to reduce the incidence of mistakes and duplication of names and numbers in registering companies, he said.

    Also, there had been tremendous improvements in the CAC, especially in its annual revenue remittances to the Federation Account. The remittances have increased from N3 billion when he took over to over N5.5 billion as at end of 2012.

    As a businessma, who believes in time management and quality of service delivery, he has the plan to ensure that CAC evolves into a world-class companies’ Registry that is driven by the best technology and a highly motivated workforce, which will render excellent services, keep accurate and reliable records, and have an effective enforcement capability that ensures substantial compliance with the extant rules by all registered entities in Nigeria.

    Another plan is to set up desks at major airports in Nigeria, which would make it very easy for foreign investors to incorporate firms and start doing business in the country. Specifically, such desks will come in handy to attend promptly to investor’s enquiries, enlighten them and provide guidance accordingly. This initiative will enable such investors scale the hurdle of not knowing exactly where to start from when they come into the country.

    Again, the CAC, as part of the general policy direction as initiated by the Federal Ministry of Trade and Investment, will open offices in London, United States and China, being homes to some of the top international investors across the globe. These offices will reside within Nigerian Embassies and High Commissions in those countries. The benefit is that through these foreign offices, the agency would be able to reach out to potential investors who have never visited the country to provide them with all the support and information they need to make investment decisions about Nigeria. They could even register their businesses before arriving in the country.

    In its bid to prevent faceless people and criminals from registering companies, CAC has collaborated with professional bodies to ensure that boards of companies are made up of relevant experts so as to deliver products and services that are up to standard.

    The thrust is to directly check the activities of quacks and ensure that companies in sectors, such as Architecture, Pharmacy, medical and educational services, amongst others, have qualified professionals on their boards. These professionals will have the responsibility of ensuring that the companies’ policies and practices conform to professional and regulatory standards. CAC has once advocated for the review of Companies and Allied Matters Act (CAMA), after being in operation for 20 years.

    Speaking when the Senate Committee on Trade and Investment visited the Commission as part of its legislative oversight function, Mahmud, said the amendment should also provide for on-line registration of firms.

    The amendment is aimed at defining the role of the CAC in the implementation of code of best practices and empower it to remove erring directors and officers of companies in line with the practice in most companies’ registries globally.

    The CAC registers firms and keeps records of organisations as well as regulates them. It is in that light that the management embraced ICT to enable customers access CAC’s on-line facility from any location, 24 hours a day, through an e–payment system.

    Other targets of the Commission include timely filing of annual returns and other statutory filings by all registered companies, business names and incorporated trustees, as well as making state offices more functional and at par with the Head Office in all aspect of registration services. The effect of these reforms is now been felt in the non-oil sectors of the economy.

    According to records, “Nigeria realised about $900 million (about N144 billion) from the export of cocoa and cocoa related products. Export of cocoa and cocoa-related products have grown in recent years by an average of 40 per cent and a cumulative of 280 per cent from 215 million dollars in 2006 to $822.8 million in 2010. Cocoa is now the second largest earner of foreign exchange in Nigeria, in addition to the fact that it generates around two million or more jobs directly and indirectly, through its value chain.

    “Besides the cocoa industry, the improvement in the ease of doing business is also partly responsible for the general increase in investment in agriculture in general. This has consequently led to a sharp decline in annual food importation to N857 billion as against N1.3 trillion.

    The result is that for the first time since 2008, inflationary rate is down to 7.8 per cent from eight, according to recent figures from the national Bureau of Statistics (NBS). Small and Medium Scale Enterprises (SMEs) must be seen as the main engine for economic growth. The growth must also leverage on private sector development and partnership. Regrettably, less attention has always been given to the sub-sectors which are supposed to drive the economy.

  • CAC set to resolve crisis

    THE Supreme Executive Council faction of the Christ Apostolic Church (CAC) has expressed its readiness to support any move that would lead to the resolution of the 23-year-old crisis rocking the church.

    The President of the faction, Pastor Gabriel Lagunju, who spoke to newsmen in Akure, the Ondo State capital, during the Annual General Meeting of the church, said the faction was not happy with the development in the church.

    He, however, said the much-sought resolution must be based on justice and fairness, adding that truth should also be allowed to prevail.

    He said many steps had been taken in the past to end the crisis, but selfishness and ambition on the part of some members of the church were responsible for the current stalemate.

    Lagunju said the latest move was made by the Unification and Peace Committee of the church which he said the faction supported and was willing to see to positive end.

    According to him, the peace committee had members from both parties and organised a national unification prayer which held in Akure but which was not attended by the General Executive Council of the church.

    He explained that the hard stance of the other faction to the crisis had not helped the resolution of the crisis, assuring that his faction was committed to the unity of the church.