Foreign Investors worry over Reps interference with NCC

Controversy surrounding the delay in the approval of the 2010 budget of the Nigerian Communications Commission, NCC, by the House of Representatives, on account of its provision for SIM Card registration, has attracted comments from foreign investors and Nigerians in the Diaspora who have expressed concerns about the consequences of this move.
A cross section of the investors who met with the President of the Association of Telecommunications Companies of Nigeria, ATCON, Engr. Titi Omo-Ettu in New York, USA to discuss the issue of independence of the telecom regulator, local content and other issues, including plans for registration of SIM Card in Nigeria, said the idea of withholding finance for any independent regulator, affects its independence, and should be avoided in order to sustain their confidence in the industry.
The group was further shocked when they learnt from Engr. Omo-Ettu, that the budget under discussion was the 2010 budget. He said his Association was aware that the budget for 2010 was submitted to the Presidency through the Ministry in September 2009 and was sent to the National Assembly for approval in January 2010. “We are also aware that the Commission has already submitted the 2011 budget proposal by September 30, 2010 in accordance with the rules”, the ATCON President told the group.
A member of the group, Mr. Chuma Emenike, Director, North Yield Investments, wondered how the nation intends to achieve healthy telecom investment friendliness with this delay of approving NCC’s budget. This hindrance in approving the Budget can be very detrimental to the telecom Industry and the economy as a whole.
Engr. Omo-Ettu pointed to the fact that the Senate has already approved the budget as an indication that at least some legislators understand the importance of the independence of the regulator. He expressed optimism that others be cognizant of the consternation the delay is causing amongst real and potential investors in the Nigerian telecom industry and will take necessary action to forestall the current impasse.
Describing the Nigerian market as in investment haven for ICTs, he urged US-based Nigerians to come home and join in nation building either as investors, consultants or even legislators.