Stakeholders in the Organised Private Sector (OPS) on Thursday expressed objection to legislation on Corporate Social Responsibility (CSR) for companies operating in Nigeria.

They held that such legislation would hinder the attraction of investors to the country.

OPS members, who spoke at a seminar in Lagos, held under the auspices of the Nigeria Economic Summit Group (NESG), said that a legislation on CSR would deepen the harsh business environment in Nigeria.

The News Agency of Nigeria (NAN) reports that many participants, drawn from the extractive industry, oil and gas, telecommunications, banks, small and medium scale industries, urged the National Assembly to drop the current debate on the CSR bill.

The Chairman of Dubri Oil Company Ltd, Dr Imo Itsueli, described CSR legislation as an invasion of companies’ privacy that would further mortgage the nation’s numerous harsh tax regimes.

“Legislation on CSR will drive away investments. Companies are already inundated with so many taxes from the various layers of government for us to think of additional burden on them,” Itsueli said.

According to him, the paramount issue remains that the people must hold government accountable and compel those in power to provide evidence of tax utilisation.

Drawing from MTN Communications Nigeria’s success profile in CSR, Mr Akinwale Goodluck said that challenges of the nation’s economy made it imperative for CSR issue to be encouraged instead of legislation.

Akinwale said that MTN’s policy of committing 1 per cent of its net profit to the communication company’s foundation made it possible for them to actualise set goals on CSR.

He said that one of the ways of encouraging and institutionalising CSR was to legislate on the issue of tax rebate for companies engaged in verifiable CSR programmes.

The Chief Executive Officer (CEO) of Sigma Technical Agencies (Nigeria) Ltd, Dr Samuel Amachree, said that the general acceptance of CSR in the polity made it imperative for regulation.

Amachree said that while he subscribed to the need for government to be effectively accountable in general governance, legislation would moderate and galvanise sustainable CSR in Nigeria.

Earlier, the Director-General of NESG, Mr Frank Nweke, said the seminar was part of the group’s advocacy to leverage and situate CSR in the nation’s business climate.

Nweke said that collaboration with the Canadian High Commission on CSR was to share from their experience and add a global perspective to the concept.

The Canadian Deputy High Commissioner, Mr Jean Gauthier said the collaboration was a fallout of the 15th Economic Summit and the need to avail the Nigerian business community the opportunity to be part of the international community on CSR issues.