The Nigerian Senate says it is committed to enacting appropriate legislations to create attractive business environment in the country.
The country’s Senate President, Bukola Saraki said this while receiving the Chairman of Black Rhino Group and Emir of Kano, Muhammadu Sanusi II, and the Chairman and Co-founder of Blackstone Group, Stephen Schwarzman and his delegation on a courtesy call in Abuja.
The President, Dangote Group, Alhaji Aliko Dangote, was also a part of the delegation.
According to VON, senator Saraki said the 8th Senate would concentrate on commercial aspects of the nation’s laws having successfully reviewed the criminal aspect in the 7th Senate.
“I congratulate you for the first step you have taken in coming to invest in Nigeria and to reassure you that as far as we are concerned, the Senate will give support in any way we can to make legislations that will make investing in Nigeria conducive.
One of our priorities in the legislature is to look at the private sector and the business environment because some of our old laws have not been reviewed and that is why we are setting up committees to look at and make it more interesting and attractive to invest in Nigeria”, he commenced.
The Nigerian Senate President told his visitors that the last senate had worked assiduously to review the criminal aspect of the Nigerian laws, hence the need to proceed to the review of the commercial laws.
“In the 7th Senate, we have done a review of the criminal aspect of the laws and brought them up to date and now we are dealing on the commercial side,” he concluded.
Significant Investments
Earlier, the Sultan of Sokoto, Sanusi II said his firm, Black Rhino Group, which handles Africa’s infrastructure investments, is partnering with Dangote Group to make significant investments in the country.
“Stephen (Chairman and Co-founder of Blackstone Group) is here on working visit and he will meet the President today basically given his assurance of continued support to the group and this country and to the effort of the administration to fix the infrastructure problems of the country”, he opined.
On his part, Chairman and Co-founder of Blackstone Group, Stephen Schwarzman, said his company is partnering with Aliko Dangote to invest in projects in the country.
“We have been very active in the infrastructure business particularly with power. We have teamed up with Aliko Dangote to try and do some projects here in Nigeria.
We are very positive about the impact we can make and as an outsider, we have seen the change, the government’s emphasis on power. It is very important from an outsider’s perspective”, he concluded.
Committee Inauguration
Meanwhile, the Senate President, Bukola Saraki, has charged the Senate Ad-hoc Committee on Power to urgently work towards the resolution of the challenges currently facing the power sector.
Senator Saraki gave the charge while inaugurating the Committee at the National Assembly.
He enjoined the committee headed by Senator Abubakar Kyari to ensure the functionality of the power sector.
The Nigerian Senate President noted that the economic woes in the country can only be addressed when the power sector is fully made functional.
He added that the immediate concern of the 8th Senate was to use every legislative instrument at its disposal to ensure that “light replaces the darkness” in the country.
“You will recollect in my earlier address on the June 9 when I said that Nigerians will begin to see a proactive National Assembly that will devote itself to rigorous thinking, a National Assembly that will roll up its sleeves to forge a new and prosperous Nigeria.
Our economy cannot be prosperous without us addressing the problems of the power sector. The power sector is a key driver of the economy. Whatever we do in trying to address the problems of the power sector is essential in trying to rebuilding the economy. The power challenges that we have are real. They are serious and many”, he said.
The Nigerian Senate President therefore directed the committee to use every legislative means to ensure the availability of power in the country.
“There is work to be done concerning our power and that is why you will recollect that we debated seriously on all the issues in the power sector and in response we made a resolution and agreed that an ad-hoc committee be quickly set up, to be charged with the responsibility of oversight and to tackle the issue of generation, transmission and distribution of electricity in Nigeria.
Our concern is to see that we can use every legislative instrument at our disposal to ensure that light replaces the darkness we have,” he stated.
He stressed that the aim of the 8th Senate was to ensure that Nigerians enjoy uninterrupted power supply, saying, “I believe that the task before you is huge and it is to ensure that this sector must be productive, efficient, accountable and transparent.”
Optimum Performance
Earlier, the Chairman of the 14-member Committee, Senator Kyari, assured the Senate President that the Committee would carry out its task objectively.
He said the nation’s entire power value chain requires the review of extant policies to obtain optimum performance.
“It is in line with this objective, that the committee would be seeking explanations from the Management of Transmission Company of Nigeria, TCN on the terms of their management contract with the Federal Government as it relates to assets inherited, funds injected into the company so far and the achievements recorded”, he began.
Senator Abubakar Kyari decried a practice where some distribution companies, DISCOs reject power load allocations in order to reduce cost, adding that the metering system of DISCOs which places emphasis on estimated billing and imposition of fixed charges for services not rendered requires urgent and fundamental review.
“There have been a lot of unwholesome practices by some of these companies. The Committee has to get down to the root of these problems especially where provisions had been made in the past, through appropriation, prior to privatization and funds were not properly utilized. We must therefore find out what brought us to this sorry state”, he insisted.
He said the committee is not out to witch-hunt any individual or organization, promising,“We are on a fact finding mission and would pursue our mandate objectively.”
Posted by Janice Johnson
