By Omoh Gabriel, Business Editor
LAGOS—THE Lagos Chamber of Commerce and Industry, LCCI, has decried the state of affairs in the country, describing it as an unsettling governance disorder where no one is clearly in charge. This, LCCI, a group of prominent businessmen and industrialists, stressed has resulted in fragile business confidence being eroded.  

The Chamber, in a statement signed by its president, Otunba Femi Deru, noted that, “Political instability is a major country risk factor to which investors are very sensitive. The current state of affairs may result in further contractions in the economy, which is still grappling with the shocks of the global economic crisis; recent domestic reforms (especially in the banking sector) and poor infrastructure.

”High risk conditions slow down investment and aggravate transactions cost. Indeed, many investment decisions are being put on hold.” It added that, “the Lagos Chamber of Commerce and Industry has observed with keen interest and concern, recent developments in the Nigerian polity, following the medical condition of President Umaru Yar’Adua and his consequent trip out of the country.

”Our heart goes to him as we pray for his quick recovery and return to the country. In the meantime, there has been a drift of the governance process from the path of constitutionality. We are alarmed at the brazen disregard for the provisions of the Nigerian Constitution regarding the absence of a sitting president as stipulated in Section 145 of the Nigerian constitution.

The current scenario is a complete negation of what President Yar’Adua (as a person) consistently canvassed since his assumption of office – supremacy of the rule of law. He did not only promote it, he gave practical expression to it.

“But, his absence has presented the nation with a totally different disposition by the caretakers in the power corridor. There is currently an unsettling governance disorder where no one is clearly in charge. Meanwhile, business confidence is being eroded. Political instability is a major country risk factor to which investors are very sensitive.

Economy may be worst affected

”The current state of affairs may result in further contractions in the economy, which is still grappling with the shocks of the global economic crisis; recent domestic reforms (especially in the banking sector) and poor infrastructure. High risk conditions slow down investment and aggravate transactions cost. Indeed, many investment decisions are being put on hold.”

According to Deru: “LCCI notes the recent judgment by a Federal High Court on whether or not the vice-president could exercise the powers of the President in his absence. The judgment was anchored on Section 5(1) of the constitution which, in our view, deals more with the delegation of Presidential authority.

Even a minister could act for the President under this section. This is a reaffirmation of the status quo and does not add any significant value to the current struggle to compel compliance with the constitution.

“The fundamental issue is the clear observance of Section 145 of the Nigerian Constitution, which provides for the Vice-President to be the Acting President, in the absence of the President, provided the National Assembly was duly notified of the absence.

The vice-president cannot be held fully accountable for the management of the affairs of this country if he lacks the corresponding authority to do so. There should be a match of responsibility with authority.

”In situations like this, somebody has to take charge and be accountable to the Nigerian people. This is not an ethnic or religious issue; it is a purely constitutional matter. The constitution is the pillar of our very existence as a nation and must be respected by all.

The basic principles of good order derive from it.   LCCI, therefore, calls for the immediate return to the path of constitutionality, through the invocation of section 145 of the constitution. The current conditions in the polity have generated avoidable heat, created political instability, caused unnecessary tension and can potentially polarise the country.

It is a situation that could easily snowball into a domestic economic crisis.We need to urgently put a stop to the current disorder in the governance process and safeguard our hard-earned democracy.”