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NECA decries alleged regulatory ‘high-handedness on businesses

By Yetunde Ebosele
01 December 2015   |   1:40 am
THE Nigeria Employers’ Consultative Association (NECA) has expressed concerns over alleged onslaught of Government regulatory agencies against organised businesses.
olusegun oshinowo

Olusegun Oshinowo

THE Nigeria Employers’ Consultative Association (NECA) has expressed concerns over alleged onslaught of Government regulatory agencies against organised businesses.

According to NECA, the development “is not only capable of crippling existing investments but could also serve as disincentive to Government’s drive for foreign investments”.

Director General of NECA, Olusegun Oshinowo, in a statement said: “some of the recent disturbing trends included the heavy punitive charge of N1.04 trillion imposed on MTN Nigeria by the Nigerian Communications Commission (NCC) for failure to deactivate over five million of its registered subscribers which had led to the loss of about a fifth of the company’s shares within three weeks of the pronouncement.

Another was the slamming of an ‘Administrative charge’ of N1 billion on Guinness Nigeria Plc by National Agency for Food and Drug Administration and Control (NAFDAC) for alleged violation of NAFDAC rules, regulations and enactments over a long period of time, among others”.

Explaining further Oshinowo said while NECA appreciates the essence of the roles of regulators and would also not support unfair practices by Business operators, “we are, however averse to a heavy-handedness by way of sanctions that could snuff life out of the Businesses”.

Oshinowo advised “in the course of performing their lawful duties, Regulatory Agencies must avoid sending wrong signals to the business community and the general public that its activities are pecuniary driven. “While national interest is paramount, it must be balanced with the need to ensure the survival of the goose that lays the golden”

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