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Don’t Distract Investors With Probes, LCCI Tells N’Assembly

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  • Don’t Distract Investors With Probes, LCCI Tells N’Assembly

The Lagos Chamber of Commerce and Industry has advised the National Assembly to apply greater discretion while exercising its investigative powers so as to avoid distraction to private sector players, erosion of investors’ confidence and collateral damage to the economy.

In a statement signed by the Director-General, LCCI, Mr. Muda Yusuf, on Sunday, the chamber appreciated the constitutional role of NASS in the promotion of good governance and the advancement of the principle of checks and balances in the polity.

It stated, “We note in particular the responsibility of oversight and investigations as prescribed under Sections 88 and 89 of the Nigerian Constitution. However, we request that these investigative powers be exercised with greater discretion to avoid distraction to private sector players, erosion of investor confidence and collateral damage to the economy.

“The LCCI believes, and in fact promotes the ideals of high ethical standards in the business and will not condone or support infractions against the statutory laws by private sector entities.

“However, we will like to see a legislative-private sector interface characterised by mutual respect, fairness, and courtesy.”

The chamber recommended that 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 gave instances such the alleged N30tn revenue loss and missing 228 vessels by the Senate Joint Committee on Customs, Excise, Tariffs and Marine Transport where 63 firms were accused of complicity in the alleged scam.

He said, “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.

“Giving 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.”

It added, “The frequency of summons of corporate organisations by the National Assembly most of which are in Lagos and other locations outside Abuja, has significant financial implications to such organisations, which include cost of flight, hotels and other logistics for appearing before NASS. The executive time committed to appearance before committees of the National Assembly is enormous especially when most of the committees will insist that appearance should be at the level of the chief executive officers of the companies.”

He advised that matters that could be investigated by the statutory agencies of government should be referred to such institutions since they had better competences, capacities and structures for investigation of infringements of the law.

“At a time like this, the economy needs investors to boost job creation and accelerate economic recovery process. The Economic Recovery and Growth Plan deliverables are anchored largely on the private sector. The NASS should align with this.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Appointments

Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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