How ICC is Shaping Businesses - Osunkeye

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How ICC is Shaping Businesses - Osunkeye

Vanguard
[INTERVIEW]
Victor Ahiuma Young
15 July 2007

Recently, the International Chamber of Commerce, Nigeria (ICCN), held its 8th Annual General Meeting (AGM) to review the activities of the chamber in the past one year. In an interview with Sunday Vanguard Business, Chairman of ICCN, Chief Olusegun Osunkeye gives insight on how the chamber has been shaping business in Nigeria, among other issues. Excerpts

FOR the past eight years, ICC Nigeria has been in existence but it seems its activities are not well known. What could be responsible for this?

Well, you are right that we have been in existence for the past eight years, we have been working quietly but effectively as the world business organisation chapter in Nigeria. The International Chamber of Commerce is part of the worldwide Chamber of Commerce with head office in Paris, France. It is quite an old body and the only body that can speak authoritatively for business in all sectors all over the world.

In the past eight years, we have been contributing our quota and especially in the last two years, now that we have the Nigerian Banking Commission and those members in the banking community have been working actively internationally with their colleagues in the banking commission internationally to fashion out rules of UCP and letters of credit worldwide. So, we are now getting up from the ground properly. We have been working quietly and effectively in the past. I think now the result of our work is beginning to show, people would begin to know the benefits of ICC in Nigeria.

The other arm of ICC which is well known, is the International Court of Arbitration (ICA). We have two members in that court and they are doing Nigeria proud in that court. As you know, the international court of arbitration is the first and the foremost body when it comes to arbitration in the world and many agreements worldwide stipulate that in the case of disagreement, they will abide by the rules of the international court of arbitration. Like I said, we have two members represented in that court and they sit in Paris and they adjudicate on cases and other procedural issues. So, ICC in Nigeria, in the past years, has actually has been up and doing, but maybe we have not been advertising ourselves enough.

What have been the activities of the chamber in past year under review?

Well, the executive board of ICC Nigeria, met several times in the course of the year under review to deliberate on how to project ICC in Nigeria. I shall like to thank most sincerely my colleagues that served on the board, acknowledge their contributions and applaud the leadership role they have shown through the commitment of members to the philosophy of the chamber. Our nominees to the ICC Arbitration Commission court, Prof G. Olawoyin and Mrs. Dorothy Ufot, played a very vital role during the year under review. The contributions of these ambassadors are indeed worthy of mention. We hope other organizations would learn from it and be able to tap into the full potential of ICC activities.

For the first time, in the history of ICC Nigeria, the Nigerian National Committee on Banking Techniques and Practice joined its other international colleagues in reviewing ICC's universally used rules on Documentary Credits which serves as standard for governing international commercial transactions.

The new world document on Uniform Customs and Practice for Documentary Credits (UCP600) will take effect from July 1, 2007. However, we are not unmindful of the shortcomings of this document on operators. These clauses have been identified at the Banking Commission meetings and a final position will be taken in line with our domestic regulations. As a way forward, these clauses would form "exclusion clauses" in all letters of credit issued from Nigerian banks.

In the area of training, following on this is the increase in membership we have witnessed due to the activities of the commission. We welcome more members in order to strengthen the influences of ICCN at the international level. In the course of the year, we successfully hosted a seminar on the UCP 600 in collaboration with the Central Bank of Nigeria. The Central Bank also hosted another seminar on Letters of Credit. All these seminars were geared towards ensuring that Nigeria is in the forefront of countries that are implementing the rules for international trade.

As we look into the future, it is imperative to note that these days many people talk of globalization as though it were something new. World trade is certainly expanding at a quickening pace, reaching into new areas now opened up by technology. ICC is not merely keeping up with these developments, we are staying ahead: Writing rules for the conduct of international trade, resolving commercial disputes and speaking on behalf of businesses whenever government decisions affect business operations. It is important for me to use this opportunity to reiterate the obligation that ICCN and other national committees owe the World Council of ICC, which is enshrined in the charter signed in 2004.

In specific terms, how can you say ICC has impacted positively on the Nigerian economy?

To the extent that members and prospective members of the International Chambers of Commerce must be businesses that have international out look or international interest. So, we admit professionals, lawyers, accountants, consultants, auditors as well as big business like Shell Petroleum Production Company (SPDC), Unilever, Nestle, Guinness and also small and medium scale Nigerian businesses, provided they have international out look and international interest because they would be bound by international rules of doing business.

These people belong to membership of an organisation of ICC Nigeria and this chamber is in many countries of the world, over sixty countries of the world, they are able to be recognised anywhere they go as being members of International Chamber of Commerce observing minimum rules of conduct, good ethical standard and corporate governance. So, to that extent, it will enhance their competitiveness. On the other hand, we as ICC members, by virtue of operating at international level, we can take the aspirations of Nigerian businesses in the rule setting procedure because ICC internationally sets the rules of doing business worldwide. So, by Nigeria participating, we are able to make our voice felt.

Similarly, we can also come back and let our government and others know, what I can call, unfolding developments in the business world such as in commerce, in marketing, advertising, in technology and so on. So, we are a catalyst to bringing better practice, up to date practice, modern practice to businesses in Nigeria. We are not taking part in their businesses. But we are a forum where they can learn of up to date events that have been happening abroad as well as also making our government to be aware of the events abroad. On another hand, can also hope to shape, influence decisions because by being a member of the comity of nations and a country, Nigeria, participating in the deliberation of International Chamber of Commerce internationally.