LCCI: Publicising N30trn revenue leakage has weighty consequences

The Lagos Chamber of Commerce and Industry (LCCI) says the announcement of the 63 companies allegedly involved in the non-remittance of N30 trillion revenue to the federal government might discourage investment.

In a statement signed by Muda Yusuf, LCCI director general, the chamber said the allegations should have been subjected to proper scrutiny before being made public.

The senate customs committee had said it discovered that between 2006 and 2017, there was over N30 trillion worth of foreign exchange in form of approved Form M and there was no evidence that the goods came into the country.

Some of the companies named are British American Tobacco, CCECC, Dana Group, FrieslandCampina WAMCO, Olam International Limited, Aarti Steel, Hong Xing Steel Co., Visafone, African Wire, and Aarti Steel Nigeria,” LCCI said.

“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.

“There is a need to streamline the summons and public hearings to avoid duplications and overlap between the senate and 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.”

LCCI said the current state of the economy requires investments to boost job creation and fast track the economic recovery process. It urged the national assembly to reduce avoidable distractions to investors.

“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 British American Tobacco Company has already denied involvement in the act saying it has a history of paying all its customs duty.