LCCI Urges Caution over N’Assembly’s Investigative Powers, Oversight Functions

The Lagos Chamber of Commerce and Industry (LCCI) has called on the National Assembly to make good use of their investigative powers and exercise it with greater discretion to avoid distraction to private sector players, erosion of investors’ confidence and collateral damage to the economy.

It urged the lawmakers to streamline the summons and public hearings to avoid duplications and overlap between the Senate and House of Representatives and for the leadership of the national assembly to vet the summons by its committees to ensure efficiency, cost effectiveness, and optimisation of executive time committed to the public hearings.

“This is important when we realise that we have 89 Standing Committees in the House of Representatives and 59 Standing Committees in the Senate.’’

In a statement made available to THISDAY yesterday and signed by the Director General, Mr. Muda Yusuf, it noted that inasmuch as it promotes the ideals of high ethical standards in business and would not condone or support infractions against the statutory laws by private sector entities but stated that it would like to see a legislative/private sector interface characterised by mutual respect, fairness, and courtesy.

The LCCI though it appreciates the role of the Senate in ensuring the enactment of enabling laws and review of obsolete legislations to create an enabling environment for investors, the economy needs investors to boost job creation and accelerate economic recovery process.