2019 SBL Conference: Plenary Panel takes Hard Look at Unique Role of Regulators as Catalysts of Socio-Economic Growth
Held under the title, ‘Smarter Regulation: The Role of Regulators as a Catalyst for Growth, Investment & Employment,’ the second plenary session on the second day of the 2019 annual SBL conference took a long, hard at the notion that the Nigerian market is ‘over-regulated,’ (or, as a panelist put it, that Nigerian regulators are always ‘trying to be smart’). As one of the first interfaces between the government and businesses in the country, regulators play a key role in moderating the market – as regards designing and implementing the framework of best practices to guide policies and processes.
Moderated by Babasola Alokolaro, managing partner at The New Practice (TNP) the panel included lead speaker Funke Adeyemi, who is the regional head of IATA (the International Air Transport Association); Yetunde Akinloye, the Director of Legal Services and Regulatory Department at the National Communications Commission (NCC); Sola Arifayan, a partner at the law firm of Oake Legal; Seyi Bella, a partner at the law firm of Banwo & Ighodalo; and Mrs. Adeyinka, who represented the Director-General of the Federal Competition and Consumer Protection Commission, Tunde Irukera.
It goes without saying, Adeyemi began, that it is virtually impossible to do any legitimate business without the right regulatory environment (no thanks to the natural human impulse to cheat, dominate and take unfair advantage of others). But regulating for the sake of regulating is equally self-defeating – hence the need for smarter regulation. Laws, she said, must enable, rather than inhibit, sustainability.
Adeyemi listed a number of Policy Design and Process Design Principles, by which such ‘smarter’ laws must satisfy the following demands: They must
- be improved from time to time as the need arises;
- be aimed at creating social good;
- be characterized by consistency and coherence, as well as clarity and certainty;
- be proportionate in the allocation of rewards and sanctions;
- be proactive (rather than reactive);
- be subject to transparent negotiations;
- be fair and non-distortive;
- address a recognizable need;
- take impact assessment into consideration;
- be transparent and objective;
- reduce compliance burdens to the barest acceptable minimum;
- be up for regular review; and
- afford targets the right of appeal in the event of sanctions.
Such a regulatory environment, Adeyemi concluded, was to the ultimate benefit of government, businesses and the society as a whole.
In her comments after Adeyemi’s presentation, the NCC’S Mrs. Akinloye enumerated the NCC’s regulatory process (which takes the gamut from consultations; reports gazetted by the oversight ministry), while the NCC’s Mrs. Adeyinka admitted the need for her organization to consult even more than ever with stakeholders (including the NBA-SBL). She called for greater advocacy on behalf of targets of government’s regulations, and constant feedback on both sides.
Bella, on her part, called attention to the Stamp Duties Act, which she said, was ‘crying for reform.’ A key ingredient during achieving a ‘smarter’ regulatory environment, she said from experience, was the ‘re-education’ of the regulators themselves, especially by lawyers engaged in practice areas are relatively novel in this particular market – and therefore alien to the regulators.
Further comments and questions came from the floor on this topic – particular as pertains to the FIRS’ (Federal Inland Revenue Service) practice of appointing banks as their collection agents – and the drawbacks or benefits therein; the much-anticipated new CAMA Act and the timeline for its eventual promulgation; and the importance (as pointed out by SBL Chairman Seni Adio, SAN) of getting an advance opinion from the regulator on a particular matter before proceeding on an action that may later be subject to litigation or arbitration.
See photos below:
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