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Reps Hold Public Hearing On A bill To Regulate Corporate Social Responsibility

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…warn MTN, Airtel for failure to appear before commitee
By Gloria Ikibah
The House of Representatives has held a public hearing on “A bill To Regulate Corporate Social Responsibility in Nigeria and for other related matters”.
This bill seeks to provide legal status and guidelines to corporate responsibility for better coordination and regulation.
The Chairman House Commitee on Corporate Social Responsibility, Rep. Obiageli Orogbu, also read the riot act as she gave MTN, Airtel last warning to honour it’s invitation or face the warrant of arrest by the Commitee, on Monday in Abuja.
According to Rep. Orogbu, some companies operating in the country  have over time violated the law, hence the need for punishment to be melted at them.
She further frowned at National Communications Commission NCC ,MTN and Airtel insisting that they have on several occasions ignored the invitation of the Commitee, and so there is the need to evoke its powers by issuing warrant of arrest.
She said: “Section 89, 8 of the Constitution mandates individual companies as invited to make themselves available to parliament but they break the law and I want to tell you Sir , MTN Airtel they take so much from our nation and they feel too big to appear before the parliament we will not tolerate that.
“I want you as a regulatory body to organize those telecommunication companies were they will be meeting between this parliament and the telecommunication, we gave them the powers to operate in Nigeria  so to refuse to honour the invitation of the parliament is a no, no, we take exception to it . The parliament is frowning at it and this is an opportunity to say clearly .
“If MTN is here and I have taken all friendly measure to make them understand the need to appear before the parliament but they have refuse. If you feel you are responsible then you should appear before the parliament ,we want you to be responsible and accountable they operate across the country and they have disrespected the same nation by not housing our invitation.
“We want the Commitee to be socially responsible. If you are providing any social responsibility let us know what you are doing, all we want to know is what you are doing . We are not here to which hunt any company . As a public affairs representative of NCC please reach out to these telecompanies and tell them to make themselves available, if they disrespect he parliament it doesn’t indicate in anywhere that they are responsible.
“Other companies show up, give account and we even go on oversight but NCC is one company that have given us problems insisting that they are in court that is not acceptable”.
While making presentation, Mr Wondi Ndanusa, representative of the Governor of Central Bank of Nigeria, said that the CBN is in support of the bill, he however raised concerns on on the proposed penalty of imprisonment to defaulting companies, he said rather than the penalty, it should be persuasive.
He also said that many companies are faced with a lot of financial burden and responsibilities; even as he proposed that the CSR should be domicil in Corporate Affairs Commission.
In her response, the Committee Chairman said, “We have a lot of petition on these companies causing problems for us in Nigeria, construction companies, oil companies telecompanies and over the years they have had their way, so I disagree that we make it persuasive.
“A lot of companies don’t understand that term, they keep defaulting there must be a fine to make them responsible”.
Speaking also at the hearing, representative of  Oil Producers Trade Section, OPTS, Bala Wuoir, expressed concern that the Petroleum Industry Act already mandates oil companies operating in Nigeria to make financial contribution of three Percent of their profit to NDDC so mandating them do so more will be burdensome on them.
He however said oil companies should be exempted from the bill.
The chairman in response insisted that they cannot be exempted, adding that the Commitee requires them to bring what ever they are doing as a corporate social responsibility to the knowledge of the committee .
Speaking earlier the Speaker of the House, represented by the House Leader, Rep. Julius Ihonvbere emphasized that the success of the legislative process is dependent on public response and contribution to the public hearing.
He called on stakeholders to make meaningful contributions that will make the bill a reality.
“Public hearing is part of our legislative process to engage the citizens in lawmaking, especially because the proposed law has impacts to make on the people. Your robust ideas and expected contribution to the discourse will no doubt shape the outcome of this meeting”, he said.
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Change Negative Narrative About EFCC Being Used For Settling Political Scores- Reps

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………Ask Anti Graft Agency To Fight Financial Crimes Within Established Laws

.
……My Staff Are Poorly Paid, EFCC

…., States Why Fight Against Yahoo Boys Fierce

 

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The House of Representatives has tasked the Economic and Financial Crimes Commission, EFCC, to purge itself from the negative impression that its being used to settle political scores and concentrate fighting financial and economic crimes within established laws.

The House handed the advise on Tuesday through the Chairman House Committee on Financial Crimes Honorable Ginger Onwusibe who led members of the committee on the 2024 oversight exercise on the commission.

The oversight covered extensive facility tour of departments and critical operational units of the antigraft agency.

In his terse remarks, Hon. Onwusibe challenged the agency to improve its operational activities in combating economic and financial crimes by complying with its 2004 Establishment Act and other relevant applicable laws like the Money Laundering ( Prevention and Prohibition) Act 2022: Terrorism ( Prevention and Prohibition) Act 2022: The Proceeds of Crime Act. 2022, as well as other statutes, that compels it to carry out these roles transparently with accountability and show that the negative maxim being peddled in some quarters that the agency is often being used for settling political scores is incorrect .

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The committee assured that it will collaborate with the commission to actualize its mandate by enacting new laws or amending old ones and as well providing budgetary interventions, if it must strive tirelessly to be on top of its challenges

The House urged the agency to collaborate with sister agencies and desist from keeping suspects as- awaiting ‘trial in correctional centres nationwide

“At this point let me add that a recent visit to the Maximun and Minimun Correctional centres in Kirikiri Lagos State, numerous suspects have been awaiting trial for over one year and yet we are all acquainted with the saying that justice delayed is justice denied”

” It is on this note that we call on the EFCC, Attorney General of the Federation and the Judiciary to improve and ensure the administration of justice works and is efficiently delivered to the victims”

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The House warned the agency to purge itself of rotten eggs in order to fight economic and financial crimes frontally, thereby stimulating the Nigerian economy

It also urged EFCC to focus properly on its mandate.

” The issue of appropriate and proper focusing on the mandate of the EFCC must relentlessly be on the front burner:

“Orders from competent courts , arrest and debt recovery must be pursued religiously” the House cautioned

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But on its side, the antigraft agency said it has not deviated from its focus but rather working hard and fighting financial and economic crimes as enunciated in its mandate.

Chairman of the agency , Ola Olukeyede told his guest in his remarks during the oversight visit that the commission was doing much to fight financial and economic crimes and stimulate the Nigerian economy

He said so far that the agency has recovered over N250bn cash, tens of million of Dollars and other foreign currencies, with over 3000 convictions: 17000 petitions while also investigating over 20000,with about 4000 fresh cases , all being handled by a misery number of staff strenght

He noted that its priority is to improve the country’s image and stimulate its economy, such that there could be improvement in foregin direct investments and stimulation of the local economy.
Olukeyede however, argued that the agency needed more staff strenght, funding , better renumeration for staff because they were poorly paid. He also emphasised on modern day technology to fight the ever dynamic cyber criminals

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According to the EFCC boss, it was important to give more salary to EFCC staff and deploy modern technology to fight emerging cyber crime dynamism . He expalined that the agency has increased efforts to fight Yahoo, yahhoo, boys because of their ability to crumble any economy within a twinkle of an eye

According to him, the agency was expanding its drag net to focus on ministries, departments and agencies infrastructural projects. ” “Go to MDAs and see their budget implementstion. It is not up to 20%”

“We want to ensure 50% infrastructural development” the anti graft boss announced, insisting that it would henceforth encourage monitoring of project implementation which was an aspect of preventing financial crimes

He said the agency has dismissed lots of erring staff, and will continue to dismiss and even prosecute them going forward.

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Olukeyede disclosed that it had designed a template on staff integrity, using the Gift- Policy model

.” It is not every thankful gift we should collect” the EFCC boss warned

” I am advocating for more welfare improvement, better welfare, he said.

“We will do more recoveries, more convictions, but we need more resources to do our work, maintaining that, that was his stand on ethics and integrity .

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Olokeyede’s demand for more salary wage for staff of the commission, is seen as an incentive to boost welfare and morale to fight financial crimes to standstill.

He stated that there was the utmost need to increase salaries of staff of the commission

The EFCC boss who spoke on his stewardship in the last one year, further added that it increased the war against Yahoo- Yahoo boys because of the consequences of their nefarious acts which could crumble a nation’s economy in a jiffy.

He argued that more technology was required to fight financial crimes.

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For instance he explained that it was a common scenario then for thieves and armed robbers to attack and break into banks with guns and Dynamites

” But it is the same common and more easier scenario and task now to have Yahoo-Yahoo boys and bank thieves attack banks with technology in the comfort of their homes or hideouts”

“So we need technology and we also need to increase our fight against these Yahoo boys who can dismantle any economy within a twinkle of an eye

He called on the national Assembly to improve and increase its finances because fighting Financial crimes was a herculean task that requires adequate funding

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Olokeyede who apparently was responding to criticisms of the commission’s over concentration on Cyber crimes/ thieves, perpetrated by Yahoo boys, said he has made tremendous impact in enforcement, investigation and conviction with an outstanding record convictions between October 2023 when he was appointed till date

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Trouble looming for Obaseki as Gov Okpebholo orders probe of his admin

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By Kayode Sanni-Arewa

Governor Monday Okpebholo of Edo State has ordered the setting up of a committee to probe the immediate-past administration of Godwin Obaseki for its failure to inaugurate 14 Edo Assembly lawmakers-elect into the 7th Assembly.

Okpebholo disclosed this while giving his inaugural speech as the new governor of the state.

Governor Okpebholo also ordered the State Chief Judge to immediately investigate the initial delay of former Governor Obaseki to inaugurate duly-cleared judges by the National Judicial Council (NJC) last year

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Naira may depreciate to N1,993 against dollar – Report

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By Kayode Sanni-Arewa

Nigeria’s naira has been projected to depreciate further to N1,993 per dollar in the coming days.

This is according to BMI, a Fitch Solutions subsidiary report title, ‘Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth’.

The report said the forecasted depreciation will be predicated on the 95 percent dependence on imports for pharmaceuticals in Nigeria.

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According to the report, the development would erode both the health system and patient purchasing power.

“We expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018.

“As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power, especially to invest in essential medical technologies given the underfunding of the public health sector,” the report stated.

This comes as Naira fell to N1681.42 and N1735 at the official and parallel foreign exchange markets on Monday.

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This comes as FMDQ FX transaction turnover dropped significantly from $1.4 billion on Friday to $471.5 million on Monday.

Last Thursday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the country’s external reserves rose to $40 billion.

Despite Central Bank of Nigeria’s interventions and external reserves rise in the last months, the naira has continued to experience fluctuations in the FX market.

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