Close Menu
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
    • Life & Style
      • Crime
      • R&D Health
      • Diet and Fitness
      • Intimacy
  • Videos
  • About Us
    • Contact Us
Facebook X (Twitter) Instagram
Trending
  • 107 Yelwata victims still hospitalised – Government official
  • Lagos, London partner to drive tech innovation
  • Lagos PDP chairmen reject council election results
  • 27 feared dead in fresh attack on Plateau community
  • Yabatech Rector calls for global visibility through quality research, publication
  • Former President Buhari buried in Daura amid prayers, tributes
  • Guinea-Bissau President, Niger Republic PM, others in Daura for Buhari’s burial
  • A towering figure in Nigeria’s history, Soludo mourns Buhari’s passing
Facebook X (Twitter) Instagram
The Eagle OnlineThe Eagle Online
Banner
  • Home
  • News

    107 Yelwata victims still hospitalised – Government official

    July 15, 2025

    Lagos, London partner to drive tech innovation

    July 15, 2025

    27 feared dead in fresh attack on Plateau community

    July 15, 2025

    Yabatech Rector calls for global visibility through quality research, publication

    July 15, 2025

    Guinea-Bissau President, Niger Republic PM, others in Daura for Buhari’s burial

    July 15, 2025
  • Sport

    36 Lions, Smart City join big boys at Eko International Cup

    July 15, 2025

    WAFU B U-20 Boys Tourney: Flying Eagles spank Junior Cheetahs, reach semi-finals

    July 14, 2025

    Super Falcons draw with Algeria, to play Zambia in quarter-finals

    July 14, 2025

    Sinner banishes Roland Garros demons to dethrone Alcaraz

    July 14, 2025

    How Chelsea crushed PSG to win Club World Cup

    July 14, 2025
  • Politics

    Lagos PDP chairmen reject council election results

    July 15, 2025

    Peter Obi’s exit from ADC could end his political career — Youth Vanguard

    July 15, 2025

    Gunmen kidnap contractor in Delta, demand N100m ransom

    July 14, 2025

    Agba mourns Buhari, says he left behind legacy of exemplary leadership

    July 14, 2025

    ADC declares three days mourning for Buhari

    July 14, 2025
  • Column

    Natasha’s double-faced argument in lost case, by Dayo Fadugba

    July 15, 2025

    Is there any hope for a country with extraordinary youth crime rate?, by Ola Emmanuel

    July 14, 2025

    Why Oyo North Senatorial District should produce the next Oyo State Governor, by Wale Ojo-Lanre

    July 14, 2025

    The passing of a mighty warrior, by Femi Fani-Kayode 

    July 14, 2025

    The salvo from Boss Mustapha, by Kazeem Akintunde

    July 14, 2025
  • Business

    Manufacturers urge privatisation of Nigeria’s public refineries

    July 14, 2025

    Sahara Energy Resource closes $225m facility for global expansion, sustainability

    July 13, 2025

    Group sues NNPCL over ‘failure to account for N825b, $2.5b meant for refinery repairs’

    July 13, 2025

    Renaissance CEO seeks PIA review, applauds regulatory progress

    July 11, 2025

    Reforms: How Nigeria, Kenya are rewriting Africa’s procurement ‘playbook’, by Sufuyan Ojeifo

    July 11, 2025
  • Entertainment
    1. Photos
    2. Fashion
    3. Movies
    4. Music
    5. Life & Style
      • Crime
      • R&D Health
      • Diet and Fitness
      • Intimacy
    Featured

    Former President Buhari buried in Daura amid prayers, tributes

    By Adenle Ahmed AbiolaJuly 15, 2025 Life and Style 2 Mins Read
    Recent

    Former President Buhari buried in Daura amid prayers, tributes

    July 15, 2025

    Mbah mourns Buhari, hails his forthrightness, patriotism

    July 14, 2025

    Peller, Burna Boy, Peter Obi spark widespread discussions on social media

    July 14, 2025
  • Videos

    Video: 2027: Alliance to have Atiku as president for one term, Obi as VP, to then run for presidency in 2031

    April 12, 2025

    APC Crisis: Why Tinubu demanded for Sanwo-Olu’s resignation

    April 10, 2025

    How Driver Of Gas-Bearing Truck Brought Misery To Many Under Otedola Bridge – Dotun Oladipo

    March 15, 2025

    Korra Obidi calls out ex-husband for failing to pay child support

    December 7, 2023

    2024 will be year of turbulence -Apostle Selman

    December 7, 2023
  • About Us
    • Contact Us
The Eagle OnlineThe Eagle Online
Home»Business»LCCI urges NASS to guard against loss of investors’ confidence
Business

LCCI urges NASS to guard against loss of investors’ confidence

The Eagle OnlineBy The Eagle OnlineAugust 14, 2017No Comments
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The Lagos Chamber of Commerce and Industry has urged the National Assembly to be cautious in its oversight and investigative role, to avoid economic disruption and loss of investors’ confidence.
Muda Yusuf, Director-General of LCCI, made the appeal in a statement on Monday in Lagos.
He said 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.
Yusuf said: “The most recent of such public pronouncements was the alleged N30 trillion revenue loss, and the allegedly missing 288 vessels by the Senate Joint Committee on Customs, Excise, Tariffs and Marine Transport.
“Some 63 firms were accused of complicity in the alleged scam. These are grave allegations that needed to be subjected to proper scrutiny, before making them public issues.
“Their implications for the nation’s image and foreign investors’ perception are severe.
“The chamber believes and promotes the ideals of high ethical standards in business and would not support infractions against statutory laws by private sector entities.
“However, we would like to see a legislative/private sector interface characterised by mutual respect, fairness, and courtesy.”
According to him, listing corporate organisations in the media over allegations have considerable reputational costs and weighty consequences for the brand equity of such organisations.
He noted that frequent summons of organisations by the legislature had significant financial implications to organisations not domiciled in Abuja, in terms of costs of flights, hotels and other logistics for appearing before the national assembly.
He said: “The Executive time committed to appearance before committees of the national assembly is enormous, especially since most of the committees would insist that appearance should be at the level of the CEOs of the companies.
“There is need to streamline the summons and public hearings to avoid duplication and overlap between the Senate and the House of Representatives.
“It is also imperative 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.”
The LCCI boss said that statutory agencies of government were often custodians of some information that the private sector was required to provide support to legislative investigations.
Yusuf said: “It is more cost effective to access this information from these agencies of government.
“Matters that can be investigated by the statutory agencies of government such as: the Judiciary, the EFCC, the Independent Corrupt Practices and Other Related Offences Commission, the Federal Inland Revenue Service, the National Industrial Court and the Nigeria Customs Service should be referred to such institutions.
“These bodies have better competences, capacities, and structures for investigation of infringements of the law.
“This would enable the National Assembly focus on its core duties of representation and lawmaking.”
Yusuf said that the chamber appreciated the role of the senate in enacting enabling laws and review of obsolete legislations toward creating an enabling environment for investors.
According to him, the economy needs investors to boost job creation and accelerate the economic recovery process, adding that the Economic Recovery and Growth Plan deliverables are anchored largely on the private sector.
He, therefore, urged the national assembly to align with the plan toward reducing avoidable distractions to investors in the economy.

Post Views: 155

Follow The Eagle Online Channel on WhatsApp

Lagos Chamber of Commerce and Industry Muda Yusuf National Assembly
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleASUU embarks on indefinite nationwide strike
Next Article Chelsea treating me like a criminal ~ Costa
The Eagle Online

Related Posts

Manufacturers urge privatisation of Nigeria’s public refineries

July 14, 2025

Buhari: National Assembly suspends plenary

July 14, 2025

Sahara Energy Resource closes $225m facility for global expansion, sustainability

July 13, 2025
Dangote Ad
© 2025 All Rights Reserved. The Eagle Online.
  • Home
  • Privacy Policy
  • Advert Rates
  • Submit News
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.