COUNTERFEITING: LCCI accuses regulatory agencies of compromise

Tayo Oladipupo        |         

The Lagos Chamber of Commerce and Industry (LCCI) has stated that the menace of counterfeited products is eating into the fabrics of the country because some officials of the regulatory agencies have been compromised.

 The Chamber however called on relevant stakeholders in Nigeria to support the Standards Organisation of Nigeria (SON) and other relevant agencies to fight the menace in the country.

The Director General of the Chamber, Muda Yusuf said this at the Japan-Nigeria Anti-Counterfeit Seminar held in Lagos, Wednesday.

Yusuf, in his remark said counterfeiting is not only a problem to foreign products but also to locally made items.

He stated that the development has discouraged a lot of genuine and legitimate investors from business but is rewarding to criminals and those doing wrong things.

“Internally, I think we have a lot of work to do in terms of business ethics in Nigeria because all these have to do with ethical issues. 

“Secondly, I think we need to support our institutions because what I have seen is that the institutions that are saddled with these responsibilities are not strong enough, the problems are much bigger than them.

“Of course, there are issues of some of your officials have also compromised,” he stated.

The LCCI boss called on the government to provide better funding for the agencies even as he enjoined individuals to furnish the regulatory bodies with information, adding that the institutions should embark on advocacy and enlightenment programmes.

Speaking further, Yusuf said there were instances where Nigerian importers would tell foreign manufacturers to produce substandard products for them and they would import same into the country.

He maintained that this has chased a lot of genuine business men and women with good intentions out of business.

© 2018, maritimemag. All rights reserved.