The Organised Private Sector of Nigeria has lamented the summoning of private companies by committees of the National Assembly and urged President Bola Tinubu to intervene in the practice, which it says threatens foreign investment.

The OPSN warned that the continuous invitations could damage the economy, discourage foreign investors, derail the ease of doing business reforms, and worsen unemployment at a time when the Federal Government is working to restore investor confidence.

The group, which comprises the Manufacturers Association of Nigeria, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, the Nigeria Employers’ Consultative Association, the Nigeria Association of Small Scale Industrialists, and the Nigeria Association of Small and Medium Enterprises, raised the concerns in an open letter published on Thursday.

Other members include the Association of Licensed Telecommunications Operators of Nigeria, the Oil Producers Trade Section, the Association of Food, Beverages and Tobacco Employees, and 25 other sectoral employers’ associations.

The Director-General of MAN, Segun Ajayi-Kadir; the DG of NACCIMA, Sola Obadimu; the DG of NECA, Adewale Oyerinde; the DG of NASSI, Ifeanyi Oputa; and the DG of NASME, Eke Ubiji, in their co-signed letter, said, “The incessant summons by the Committees of the National Assembly has created duplication of regulatory activities, thus usurping the statutory roles of the Executive arm of Government through the ministries, agencies, and departments.”

The OPSN argued that judicial pronouncements had clarified the limits of legislative oversight. It recalled the case of DHL International Nigeria Limited vs Senate of the Federal Republic of Nigeria (FHC/ABJ/CS/261/2018), in which the court ruled that private companies do not fall under the category of persons contemplated by sections 88 and 89 of the 1999 Constitution.

“The provisions only empower them to investigate matters connected with the administration of laws and the disbursement and management of public funds by public sector agencies,” it stated.

The group stressed that the summonses had imposed huge financial and operational burdens on companies.

It said, “Executives of private companies are compelled to travel frequently to Abuja, incurring costs for flights, accommodation, legal representation and documentation. Beyond that, this has led to disruption of operations and productivity loss with senior managers and technical experts pulled away from business operations of manufacturers and service providers, leading to lost output and missed deadlines, weakened competitiveness.”

While noting that the private sector was not opposed to legislation or regulation, the OPSN said regulations should facilitate growth and not act as bottlenecks. It added that a predictable regulatory environment supported by stable policies and incentives was vital for sustainability.

It called on President Tinubu to safeguard the regulatory framework by ensuring a coordinated approach that clearly delineates the authority of regulators and legislators.

“We can further strengthen Nigeria’s reputation as a stable, business-friendly investment destination, capable of attracting and retaining capital to drive inclusive growth and job creation by addressing these challenges. We reaffirm our readiness to collaborate with the government in finding practical solutions for Nigeria’s sustainable economic transformation,” the OPSN said.