The Lagos Chamber of Commerce and Industries is the largest and leading advocate of best business policy and practice in Nigeria.
We promote and protect the interests of our members and the business community at large through public policy advocacy and observance of highest standard of business ethics. This we achieve through research and evidence base advocacy activities through:
- Regular engagement with the government and policy makers
- Regular business Clinic and round tables
- Regular provision of data and evidence through quarterly field survey of business environment and operators
- Coalition with other business management organization across the country
- Strong partnership with multilaterals and international development organizations
- Dialogues and moral suasion
- Annual Award for commerce & business excellence to deserving institutions
Courtesy Visit to the Hon. Minister of Transportation
LCCI delegation Led by its President, Chief Mrs Nike Akande, CON honoured the invitation of the Minister of Transportation, Rt. Hon. Rotimi Chibuike Amaechi on 10th January 2017 in his office at Abuja. The meeting provided opportunity for LCCI, the Minister and his team to dialogue further on the key findings of the ports reform report. The Minister was very impressed about LCCI initiative to work on port efficiency. He assured LCCI deligation that the Ministry of Transportation and all the agencies under the ministry will implement the recommendations in the report. The port reform report was formally presented to the Minister at the meeting.
FRCN Code of Corporate Governance
The Financial Reporting Council of Nigeria (FRCN) released its National Code of Corporate Governance 2016 for the Private Sector in October 2016. The Code is applicable to public companies (both listed and not listed); private companies that are holding companies or subsidiaries of public companies; and regulated private companies. Since it’s unveiling, the Code has generated lots of interest to professionals and stakeholders across various sectors. This, amongst other reasons, is due to the fact that the Code by its provisions: seeks to supersede other corporate governance codes which regulate other sectors; provides a “one-size-fits all” code; and is mandatory in its application.
The Federal Government have since suspended the Code due to the controversy it is generating. However, the LCCI Advocacy Committee is planning to hold a stakeholder’s forum on the code in collaboration with our Taxation & Commercial Law Committee. The forum will assist LCCI to come up with its position and advise government on how best to proceed with the Code. The forum is planned to hold within Q1-2017 and all members will be duly invited.
Focus Group Discussion on Ease of Doing Business in Nigeria
The committee organized Focus Group Discussion (FGD) on ease of doing business in Nigeria on Thursday 6th April, 2017 The issues raised and recommendations from stakeholders have been forwarded to the Acting President, relevant MDAs at the Federal and state levels. Full report of the FGD have been uploaded on LCCI website and other online channels. Enable certification of CAC documents online. We will continue to track and monitor the MDAS on the implementation of our key recommendation.
Federal Inland Revenue Service (FIRS) Introduces Property Valuation as a Basis for Assessment Accessing Company Income Tax
The Company Income Tax Act [CITA] is very clear on the basis and methodology for the assessment of company income tax. The recent introduction of property valuation by the FIRS as a basis for assessment is at variance with CITA. The adoption of this model of assessment by the FIRS is difficult to justify. It is neither consistent with the law nor in harmony with the best practice principles in taxation. Besides, there is no theoretical or empirical basis to establish a correlation between the value of a business premises and the profitability of the business.
As a first step, we have sent letter expressing our concern to relevant agencies responsible for ease of doing business in Nigeria. They are: Office of the Vice President, Nigerian Investment Promotion Council [NIPC], Enabling Business Environment Secretariat [EBES], Federal Inland Revenue Service [FIRS], Federal Ministry of Industry, Trade & Investment and Federal Ministry of Finance. Feedback from these agencies will inform our next line of advocacy on the matter.
Feedback from Federal Inland Revenue Service (FIRS) on Property Valuation as a Basis for Assessment Accessing Company Income Tax
We have received feedback from the Federal Inland Revenue Service (FIRS) on the concern we raised during our last Council meeting FIRS moves to use of Property Valuation as a Basis for Assessment Accessing Company Income Tax.
The FIRS informed us that the exercise of using Property Valuation as a Basis for Assessment Accessing Company Income Tax is targeted at companies which are liable to tax under the Companies Income Tax Act but have not registered as tax payers and have not file any tax returns. We have sent FIRS letter to all members and we will continue to track development around this issue.
Pubic Private Dialogue on Power Sector with the Federal Minister of Power, Works & Housing (Mr. Babatunde Fashola)
In response to the communique from Focus Group Discussion (FGD) we organized on ease of doing business in Nigeria in April, 2017, the Minister of Minister of Power, Works & Housing, Mr. Babatunde Fashola requested to meet LCCI and its members to brief us on his activities in the power sector.
The dialogue session with the Minister will held on Thursday September 28, 2017 at Eko Hotel.
LCCI Advocacy Programmes/Activities in Year 2016
|PROGRAMME||Programme Outcome||PROGRAMME ACTIVITIES||DATE|
|Boosting Legal and Regulatory Environment for Businesses Across the sectors||Identified the specific legal and regulatory reforms/requirements needed to unlock economic opportunities across all sectors and subsectors in Nigeria and Advocate policy reforms||Q1-2016|
|LCCI/PWC Programme: Options for Government fiscal and Economic Crisis||Improve the ease of doing business and reduce cost of operation through fixing of the lingering issues (fixed charges, metering, efficiency) in the power sector||Q1-2016|
|Resolving Power Sector Issues – Stakeholders Forum & Survey||Suggest Optimal options for Government on the lingering fiscal and Economic challenges||Q2-2016|
|Tax Issues in the private sector – Forum & Survey||Improve the ease of doing business and reduce cost of operation through fixing of the lingering issues (double taxation, illegalities & infractions) in the tax system||Field survey, report of key indicators/ findings, Host stakeholders engagements/forums, send Memoranda & Communique to relevant authorities, media & publicity campaign to pressure the actors and ensure recommended solutions are implemented||Q3-2016|
|LCCI & CIPE Joint Project on Trade facilitation through Port Governance Reforms||Improve the ease of doing business and reduce cost of operation through fixing of the lingering issues (infrastructure collapse, PAAR, delays, demurrage, infractions) associated with customs and port operations||Full Year|
ADVOCACY ACTIVITIES IN 2015
|NAME OF PROGRAMME||STAKEHOLDER COVERAGE||OUTCOMES||DATE|
|Lagos State Gubernatorial Debate||Gubernatorial Candidate of the Peoples’ Democratic Party, Mr. Jimi Agbaje and the Candidate of the All Progressives’ Congress, Mr. Akinwunmi Ambode. Party members and Lagos business community||The Private Sector had the opportunity to listen to the major Lagos State Governorship candidates on their plans for the business community when they get to office.||14th January, 2015|
|Stakeholders’ Forum on Private Companies’ Conversion Bill||Stakeholders from multinationals and the biggest telecom firms in Nigeria were in attendance. Notable amongst them are MTN, Shell, Chevron, Total, Airtel, Etisalat, Shoprite, OLAM, Unilever, Lagos business community||Issues around the likely negative impact the Bill will have on the Investment Climate in Nigeria were extensively discussed. Memorandum generated and sent to authorities||27th January, 2015|
|Strategy Session on Investment Climate in Lagos State||Selected Chief Executives of Lagos business community attended across all the sector. Memorandum and paper generated and sent to Lagos State Government and the executives||In the front burner were issues around taxation, access to land, access to credit by SMEs, land documentation, industry standardization.||7th July, 2015|
|Private Sector Policy Dialogue with CBN on the Restrictive Foreign Exchange Policies||Three Directors from the CBN graced the session to provide answers to queries from business operators. Industry operators interacted with the CBN officials on issues around forex restrictions||The CBN was expected to make adjustments to the policy with a view to reducing the adverse effects on businesses. Memorandum generated and sent to authorities||8th July, 2015|
|Focus Group Discussion on the Impact of CBN Forex Restriction Policies||Chief Executives of Selected companies, banks and industry analysts all attended to share their views on how the policy is impacting on their operations.||The discussions exposed various ways in which the policy was affecting businesses across several sectors. A memorandum was generated and disseminated to all relevant government authorities in both executive and legislature||4th September, 2015|
|Stakeholders’ Forum on Regulatory Institutions||NAFDAC, SON, LASEPA. NESREA, National Agricultural Quarantine Service, Association of Fast Foods and Confectioneries of Nigeria (AFFCON), MAN Toiletries & Cosmetics Group, Operators like Unilever, Coca-Cola, Nigerian Breweries, Chevron, Chelarams, British-American Tobacco Company, Cybele Cosmetics, UAC of Nigeria, UAC Foods, Tantalizers Poly Products, Dansa Foods, PZ Cussons, Vitafoam etc||A communique generated at the end of the event revealed the following: Overlapping functions amongst the regulatory agencies; Imported products killing local industries (especially cosmetics and toiletries); Rejection of reports by the agencies and insistence on fresh reports as a way of extorting money from operators; Better Funding of the agencies by the government so they do not depend on levies; Automation of operations in agencies to reduce human interface.||20th March, 2015|