|
Getting your Trinity Audio player ready...
|
Lagos Chamber of Commerce and Industry (LCCI) sees the unverified N30 trillion allegation against 63 companies as a disincentive to investment.
“The listing of the names of corporate organisations in the media over allegations that are not yet proven has considerable reputational cost and collateral damage to such companies. It has weighty consequences for the brand equity of such organisations,” said a statement signed by Muda Yusuf, director-general, LCCI, on Sunday.
The Senate Joint Committee on Customs, Excise, Tariffs and Marine Transport recently accused 63 firms of complicity in N30 trillion revenue loss in the import and export value chain.
Notable companies such as British American Tobacco, CCECC, Dana Group, FrieslandCampina WAMCO, Olam International Limited, Aarti Steel, Hong Xing Steel Co., Visafone, African Wire, and Aarti Steel Nigeria, among others, were named.
But the LCCI said the allegations were grave and needed to be subjected to proper scrutiny before going public.
The chamber said the executive time committed to appearance before committees of the National Assembly was enormous, especially when most of the committees would insist that appearance should be at the level of the CEOs of the companies.
“There is a need to streamline the summons and public hearings to avoid duplications and overlap between the Senate and House of Reps. It is also imperative for the leadership of the national assemble 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,” the chamber said.
LCCI said at a time like this, the economy needed investors to boost job creation and accelerate economic recovery process.
“The Economic Recovery and Growth Plan (ERGP) deliverables are anchored largely on the private sector. The National Assembly should align with this by reducing avoidable distractions to investors in the economy,” the chamber said.
ODINAKA ANUDU
