Participants at the 2021 Issuers and Investors Adr Initiative (IIADRI) yearly symposium have underscored the need for inclusive regulation to enhance voluntary compliance from operators.
While delivering a Keynote address on a theme: ‘The Burden of Regulatory Compliance on Businesses in Nigeria,’ Company Secretary, Julius Berger Plc, Cecilia Madueke, said the business environment is regulated by agencies with certain requirements to be met.
However, she noted that while the laws setting up the agencies provide clear guidelines for operation, experience has shown that in a bid to generate income, the agencies make incursions into business rights and deliberately frustrate the smooth operation of businesses.
According to her, the incursions have led to businesses paying so unnecessary penalties that leave business owners with much frustration. Hence, she suggested that there should be a focus on the facilitation
of regular interactions between the domestic business community and policymakers to increase compliance.
She added that when the necessary corporate compliance is adhered to by companies, it enhances sustainable growth.
“The judiciary should be emboldened to smack down oppressive regulations. The strength of the judiciary can be enhanced if it is more independent without interference from the executive. The National Assembly should make laws rather than focusing on investigative functions.
“The process of regulation-making must be more inclusive, with a workable transition period. This would engender buy-in. Regulations should be more about the environment than sources of income, more supportive than punitive,” she said.
Also, Managing Partner, Crowe Dafinone, Igho Dafinone, said Nigeria has excessive duplication of legislation which negatively affects the cost of doing business in Nigeria.