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Nigeria losing millions of dollars to false CSR claims –Rep

The Nigerian government is reportedly losing millions of dollars to false Corporate Social Responsibility (CSR) claims by multi-national companies operating in Nigeria. Prof Obiagili Orogbu,…

The Nigerian government is reportedly losing millions of dollars to false Corporate Social Responsibility (CSR) claims by multi-national companies operating in Nigeria.

Prof Obiagili Orogbu, chairperson of the House Committee on CSR, disclosed this while speaking on the proposed CSR bill on Channels Television’s Sunday politics.

“Nigeria is losing millions of dollars in revenue from false CSR claims by companies…this we want to stop with the introduction of the CSR bill.

“The company income tax act has a provision for expenses incurred in CSR. These donations, goodwill or infrastructural development they did in their communities, they claim it and at the end of the day, the tax they pay to the government is not actually the amount they are supposed to pay.

“However, they still don’t provide the infrastructure in most cases. Maybe you are supposed to provide basic amenities that are worth N100 million and you claim you provided N100 million in your audited account but what you actually did is N10 million, it means you have cheated the government in your tax payment,” Prof Orogbu said.

She said when the National Assembly went on oversight functions, members found that most of the companies had not done what they claimed in their audited account which guaranteed them a tax rebate.

The House member claimed her committee had discovered that some of the multi-national companies were operating in secrete.

She said the bill was proposed following the discovery of so many false CSR claims by companies in the country.

Orogbu, who said the bill had passed the first reading, called on stakeholders to attend the public hearing on Tuesday to make their own contributions to the bill.

According to her, when finally passed, the bill will make it mandatory for companies to carry out CSR.

She added that it would help the government to concentrate on other areas of development.

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