Stakeholders have shared their thoughts on the importance of smart Regulations in Nigeria as dumb regulation manifests itself in a variety of ways which puts pointless burdens on business, fails to reflect changing technology, is overly protective of turf, or, even worse, leaves investors as sheep to be sheared.
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Speaking at the 13th Annual Business Conference of the Nigerian Bar Association Section on Business Law on the topic, “SMART REGULATIONS,” the Regional Head of International Air Transport Association (IATA), Mrs. Funke Adeyemi said that there is need for Smart Regulations in Nigeria.
According to her, “Smart Regulations are simply internationally accepted best practices and procedures and they are good both for the government and businesses.
“We are not there yet, but working towards breaching this gap we find in the business environment,” she said.
Mrs. Yetunde, Akinloye, Director Legal Services at Nigerian Communications Commission (NCC), said that before NCC will come up with any regulation, they make it public within a timeline, and then a public inquiry is done. After the public inquiry, the final report is sent for gazetting.
“If you try to get the people or businesses you are trying to regulate involved in the process of setting up the regulation, compliance will be easy,” she added.
Mrs. Adeyinka from the Federal Competition & Consumer Protection Commission was asked if the Federal Competition & Consumer Protection Act set up by the Federal Government was done having Smarter Regulation in mind.
She responded that the process of establishing it has been in place for the past 18 years and though they it has been signed, they would have done more before it was enacted into law.
“There are still good sides of the law that’s in line with the idea of Smart regulation; for example, creating provision for advocacy, for regulatory overlaps and so on.”
Mrs. Seyi Bella, Partner at Banwo & Ighodalo spoke on her experience working with agencies without smart regulations.
She said, “As a lawyer, it was quite difficult discussing with investors in this regard because what is in the law is quite different from what is in practice.
Speaking from experience in dealing with the Corporate Affairs Commission, she said that FIRS stamp duty is also crying for reform.
“These regulators are not thinking of the negative impact all these have on the business environment.
“They should move their goal away from just generating revenue to generating businesses,” she said.
Sola Arifayan, a Partner at Oake Lega advocates for smarter regulations to be in place as it will create inclusion between the government, consumers, businesses and NGOs.
Mrs. Tosan, an Assistant Director at CAC, reacted to the issues raised about dealings with CAC. She said that Section 35 of CAMA requires them to rely on regulations from other relevant agencies. She advised lawyers to get the true position from CAC before engaging clients.
“CAMA is on its way, it will address most of the challenges business owners face today,” she said.
The chairman NBA-SBL, Seni Adio, SAN, said that CAC and FIRS have been very dependable partners of the SBL over the years and from his personal experience with them, they have proved to be responsive. He also said that he believes that the competition and Consumer Act is long overdue.
Brian, a delegate wants to know why Compliance with laws and regulations in developing economies are harder and tougher compared to the developed economies.
Mrs. Yetunde responded by saying when you carry the people along, when you get them involved in the process before the regulations are signed, that way compliance will be easy so all regulators must adopt this approach.
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