“With all intent and purpose, this association is worried on frequent infractions committed by the National Assembly committees aimed at undermining the laws that established both the Nigeria Export Processing Zones Authority (NEPZA) and the Oil & Gas Free Zone (OGFZA) without recourse to their limitations as enshrined in both Acts,” he said.
“While recognising the oversight functions of our lawmakers, we kindly urge them against breaching existing laws capable of eroding gains already recorded in attracting FDIs into the country through these zones,’’ the Executive-Secretary said.
Mr Elegbede explained that the leadership of the national assembly and its relevant committees should abide by the tenets and the legal framework that guided the free trade zones concept, adding that while NEPZA and OGFZA were accountable to the National Assembly, zones operators and enterprises in the zones were only accountable to the two regulators.
According to him, “As much as no entity is above the law, the practice and the law are that companies operating in the special economic zones exist under special arrangement with their activities regulated by the regulator.
“It is not the intention of the law for lawmakers to bypass the regulator to summon companies in the zones.
“Such action will amount to a violation of the terms under which the foreign investors entered and invested several billions of US dollars in the Nigerian economy.
“The practice, according to the law and according to international best practice, is for the lawmakers to interface with the regulators to address any issue within the zones”, Elegbede stated.
While acknowledging the powers of the national assembly to investigate and expose corruption, the Executive Secretary stated that its members regularly file annual audited reports with NEPZA and OGFZA, affirming that queries on such reports were always promptly handled.
Elegbede however said that a free zone was not a place to press for revenue generation, adding that the country stood the chance of reaping quantum benefits in the long term if properly supported.
“Our members are law abiding entities operating within the laws and regulations of the country, the benefits these entities have contributed and are still contributing to the national economy remain unquantifiable,” he added.
“We know, President Muhammadu Buhari is elated with the ongoing developments at Dangote Refinery, Lekki Deep Sea Port, Eko Atlantic, Alaro City, and the entire Lekki Free Zone Quadrants in Lagos, as he has at several fora described them as national assets. These are the tangible gains derivable from the zones concept.”
“The association, therefore, calls for the protection of investors and their investments by not using the country’s regular laws to interfere with their operations, so that we can encourage new ones to invest in the country,” he said.
Elegbede further said: “we want to particularly appeal to the relevant committees of the national assembly to engage the regulators if they have issues with operations within the zones which would be in accordance with existing laws.”
Hauwa Abu
