November 22, 2009

ICC expresses concern over Naira depreciation

By Babajide Komolafe

The International Chamber of Commerce (ICC), Nigeria chapter has expressed concern over the declining fortunes of the Naira in recent times.

“ICC Nigeria expresses deep concern about the worsening global financial crisis. Being an international organization, the ever falling value of the national currency has negatively affected our income and the investment value on the Nigerian stock market has been witnessing diminishing returns”, Chief O. Osunkeye, Chairman, ICC Nigeria, said.
ICC is the world’s business organization, a representative body that speaks with authority on behalf of enterprises from all sectors in every part of the world.

The Chamber was founded in 1919 with three main activities: rule setting, dispute resolution and policy
At a press conference to mark the 10th and 90th anniversaries of ICC Nigeria and Global, Osunkeye said, “The resultant effect of the economic crunch had impacted negatively on the proposed formation of some key Commissions of ICC in Nigeria, particularly Financial Services and Insurance Commission, E-Business IT and Telecoms Commission, Marketing and Advertising Commission, amongst others.  Despite the gloomy world business outlook as a result of the meltdown in the global financial system, respondents to a major world survey by ICC have predicted that resilient businesses will survive and come out stronger if the right cost cutting measures are employed.”

Speaking on the activities of the Chamber, Osunkeye said, “The fundamental mission of ICC is to promote trade and investment across frontiers and help business corporations meet the challenges and opportunities of globalization. Its conviction that trade is a powerful force for peace and prosperity, date from the organization’s origin early in the last century.
“The small group of far-sighted business leaders who founded ICC called themselves ‘the merchants of peace’. The global headquarters is based in Paris. ICC is the largest, most representative private sector association in the world, with hundreds of thousands of member companies in over 130 countries with interests spanning every sector of private enterprise.
“Nigeria became a member of this world body about 20 years ago, sequel to the realization of the benefits, which Nigeria business community could derive from mainstreaming into the international business community.

ICC Nigeria is a distinct and independent body different from other chambers in Nigeria in the sense that it provides platform for members to tap international business practices and opportunities within a broad network of over 130 countries with National Committees linked with ICC Headquarters in Paris.”

To celebrate the 90th anniversary of ICC global and 10th anniversary of ICC Nigeria, the Chamber would hold an anniversary dinner next week in Lagos.. The dinner would be presided by the Vice President of the Federal Republic of Nigeria, Dr. Goodluck Jonathan. Other dignataries confirmed to attend the occasion are  Prof. Wale Omole,OFR former Vice Chancellor, OAU,  host governor, Mr. Babatunde Raji Fashola; Guests of Honour, Elder Akintola Williams, CFR, CBE; Chief Emeka Anyaoku, former Secretary-General, Commonwealth; Mr. H. Odein Ajumogobia, SAN, Minister of Energy (Petroleum), Prince Adetokunbo Kayode,SAN, Honourable Minister of Labour, Mr. Fola Daniel, CFI/CEO National Insurance Commission, Mr. Olaolu Akinkugbe, President, Nigerian American Chamber of Commerce.