Buhari, please save Nigeria from regulators on rampage
SIR: It seems as if some regulators are working very hard to attract the attention of the Buhari government. Unfortunately the way they are going about it, raises serious questions. It is either a handful of regulators do not understand their roles or are simply mischievous if not downright insincere to say the least.
Last week, Consumer Protection Council (CPC) stormed the office of Multichoice and, according to news reports, confiscated computers and sealed the office. Why, because they say they need the information on subscribers. Do they need information on customers to do their jobs? If they say DSTV is short-changing customers, is this the best way to help customers, by asking for their private information and sealing up an office in Gestapo fashion? This was the same agency that was claiming N100 million from Coca-Cola a few months ago because a bottle of soft drink was not full.
Not to be outdone, Financial Reporting Council, another quasi regulator that sees itself perhaps as important or more important than the Central Bank, without even following laid down procedure, released a damning but self-indicting report full of errors and poor understanding of how companies run, on one of the banks, Stanbic Bank. Pray, does FRC oversee the Nigerian capital market? Since when has it taken over the function of the Central Bank as the regulator of the banking sector?
We’ve just heard news that MTN has been fined over $5billion by the NCC! What sort of “regulator” fines an operator $5billion? What is the purpose of the fine? To close the company down and send thousands to the job market? Why is Nigeria so good at taking one step forward and five steps backwards? On the strength of this “fine,” investors all over the world, are losing money.
President Buhari should put these shenanigans in check as soon as possible. In an attempt to please the new government and create the impression that they are busy, they are causing havoc in capital markets across the world and creating a very negative impression of Nigeria and Nigerians. They are an embarrassment to this government.
• Boluwatife Ajakaiye,