A committee at the National Assembly is currently investigating possible cases of an abuse of Pioneer Status granted to Nigerian companies during the Goodluck Jonathan era. The investigation commenced last week and PWC has provided an update which we like to share as well.
Here it is;
Just an update on the process. We were at the hearing last week Friday and there was no interview conducted for any of the companies present as the Committee interviewed the Nigerian Investment Promotion Commission and the Federal Inland Revenue Service.
The Committee thereafter listed ten companies to be interviewed yesterday – 5 June. Other companies were to be informed of the date they were to make an appearance. The Chairman of the Committee mentioned that the CEOs of the affected companies should make an appearance or alternatively delegate the powers to a staff who is a member of the management team through a letter which would be submitted to the Committee.
We have been however informed that the Committee made no progress yesterday as all the companies who were in attendance brought letters from their CEO, delegating their attendance to representatives.
The Committee expressed its dissatisfaction and has consequently made it compulsory for all companies on the list to have their CEO present at the hearing. They mentioned that the CEO may be in attendance with a consultant or any other staff of the company, however the CEO is expected to be in attendance. Where a company attends the hearing without the CEO being present, the company will not be heard and will be deemed absent from the hearing.
On this note, the hearing was rescheduled to commence from next week Monday – 12 June, in order to allow CEOs prepare their schedule to attend the hearing.