MONDAYBUSINESS MONEY MATTERS ‘Too much summons of CEOs by legislatures hurts economy’
The Lagos Chamber of Commerce and Industry (LCCI) has decried the indiscriminate summons of business entities to appear before committees of the National Assembly, urging them to refer investigations to investigative agencies of government.
According to the LCCI, “Matters that can be investigated by the statutory agencies of government such as the Judiciary, the EFCC, the ICPC, the FIRS, the National Industrial Court, Nigeria Customs Service should be referred to such institutions. These bodies have the better competencies, capacities, and structures for investigation of infringements of the law. This would enable the National Assembly focus on its core duties of representation and law making.”
The LCCI in a release signed by its Director General, Muda Yusuf, noted the responsibility of oversight and investigations as prescribed under sections 88 and 89 of the Nigerian Constitution, but urged that the investigative powers be exercised with greater discretion to avoid distraction to private sector players, erosion of investors confidence and collateral damage to the economy.
The LCCI says it believes, and in fact promotes, the ideals of high ethical standards in business and would not condone or support infractions against the statutory laws by private sector entities.
The release read in part: “We would like to see a legislativeprivate sector interface characterized by mutual respect, fairness, and courtesy.
“Allegations and petitions received by the National Assembly about infractions by the private sector should be properly verified for credibility before presenting such to the media,” it urged.
The LCCI referred to the alleged N30 trillion revenue loss, and missing 288 vessels by the Senate Joint Committee on Customs, Excise, Tariffs and Marine Transport, where 63 firms were accused of complicity in the alleged scam.
“These are grave allegations that needed to be subjected to proper scrutiny before going public. The implications for the nation’s image and foreign investors’ perception are severe,” it stated.