Guaranty Trust Bank Sponsors House of Representatives Business Dialogue

The Speaker of the House of Representative in Nigeria, Dimeji Bankole and the House Committee on Finance will be holding a business dialogue session on January 28, 2009 at the Transcorp Hilton Hotel, Abuja at 9am with the Chief Executives Officers (CEO) of various financial sectors to discuss the way forward in the industry.

In a statement signed by Dr. Henry O. Nzekwu, Chief Executive Officer of MessageWise Limited, the initiators and host of the event said it is the second sectoral dialogue coming after the oil, power and gas sectoral dialogue which took place in December 2008 after the initial broad-based dialogue which took place in Abuja, June 2008.

At the June 2008 meeting, a strong case was made by the participants on the need for the sectoral dialogue. “The commencement of the sectoral dialogue is a clear indication that the House of Representatives appreciates its duties and responsibilities, its obligations and expectations, and is positioned to utilise all viable platforms to rebuild the confidence of Nigerians in the legislature, particularly, the private sector”, the statement read.

According to the statement, the objectives of the dialogue with the Finance sector are to improve and strengthen dialogue between the House of Representatives and operators in the financial services sector, address the weaknesses in Nigeria’s financial structure and institutions, to examine the implications of the Global Economic Crises and protect Nigeria from its fallout, explore measures to boost the domestic economy towards attaining the 7-point agenda and the MDGs, consider regulatory reforms for the sector, identify obsolete laws in the financial services sector, discuss measures to restore trust and confidence to the sector.

The statement further read that the persistent challenges bedeviling the sector, and the recent inauguration of the Presidential Steering Committee on the Global Economic Crisis, it is expected that the quality of participation at the dialogue will generate workable strategies on the way forward within the sector and for the country as a whole. It is also expected that contributions and opinion generated during the dialogue will support the legislative process towards passing business-friendly laws that will help attract foreign direct investment and improve the business climate in Nigeria.

Some issues to be discussed at the meeting would include the funding gaps and lapses in the 2009 budget, loopholes characterising the present tax system, unsatisfactory practices in the post-consolidation period, weak legislative process necessary for reforms in the finance sector, non-existent fair trade policies in the sector, corruption and the abuse of power which inherently impedes due process, lack of support in the sector in its bid to drive innovative development initiatives and the gap in communication between House of Representatives and the financial institutions.

In another statement from Lola Odedina; Group Head, Communication & External Affairs of the Guaranty Trust Bank the main sponsor of the event, the decision to sponsor the dialogue is a clear reflection of its core values of innovation and professionalism as well as its commitment to partner with Government in initiatives that will have a direct bearing on the social and economic development of the nation. This partnership also highlights and is in consonance with GTBank’s penchant for taking the lead in uncharted frontiers
According to the initiators, the House of Representatives Business Dialogue Series remains an indication of the level of commitment of the present leadership of the House to utilise all viable platforms to rebuild the confidence of Nigerians in the legislature, particularly, the private sector. It is an interactive forum devoid of customary probe or investigation instruments but rather aimed at putting paid to the seemingly endless blame-trading between operators within the sector and various government organs.
MessageWise said it is duty bound to create the right platform for operators within various sectors of the economy to table their challenges and engage the legislature effective.

It called on organisations, groups and stakeholders within the scheduled sector to attend the dialogue, present memoranda, explain their viewpoints, win over support and convince those on the opposing side. The event is supported by the Security and Exchange Commission, Nigerian Insurance Association and The Deloitte