Dele Oye, the former president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), says the National Agency for Food and Drug Administration and Control (NAFDAC) charges companies for the cost of raiding them.
In an interview with Nairametrics on Friday, Oye said regulatory bodies charging fees discourage investments and drive away existing ones.
“There’s no aftercare after investment in Nigeria from any government agency; they are only looking for funds. Everyone,” he said.
“Do you know in NAFDAC now, you pay them when they raid you? Go and check. When they raid you, you pay for the cost of raiding you. I can show you.
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“You pay if they come to seal up your factory. You now pay for the police, pay for everything. This is how ridiculous these things are. I think all of them are playing to the gallery.”
Oye said new governments turn regulatory agencies into fundraising arms, altering policies to suit their interests.
He said the Federal Competition and Consumer Protection Commission (FCCPC) is responsible for both public and private organisations, but government agencies are not held accountable.
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“If you see when they raided our factories, these guys come like they are doing a drug raid,” he said.
“They seal up the factory, go away with computers, and turn the people to slaves in their own business. That is not the way to grow the economy.
“That is now being factored into our investment climate, that if I’m going to do business in Nigeria, how much am I going to be held accountable by FCCPC, NITDA, and several others.
“The one that is even more ridiculous was Coca-Cola. They said that the advert they did was confusing Nigerians, so for that they should pay about $150 million. This is ridiculous. It doesn’t make sense.”
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Oye added that targets given to regulatory agents are driving the issue, noting that it is similar to traffic wardens on the roads who are pressured to meet quotas, leading them to stop people unnecessarily.
