Corporate Social Responsibility is a business model through which organisations make deliberate efforts to give back to the environment of their operations.
While it improves the society, CSR promotes a positive brand image for the company.
Over the years, host communities of organisations have cried out, complaining about neglect , leading to loss of livelihoods, heath challenges and infrastructure deficit caused by the operations of companies in their vicinity.
It is in achieving a win win situation for companies and host communities that the House is considering regulations and sanctions and enforce compliance to corporate social Responsibility.
The Committee also talked about the urgent need for the regulation of CSR in the country.
But it is worried about the attitude of some companies to ignore its invitations, they warn that there will be consequences.
At the technical session, government and privately owned corporations bare their minds on the proposed bill which seeks to regulate CSR in the country.
The Central Bank of Nigeria is in support of the bill but has some reservations, especially on the proposed penalty of imprisonment to defaulting companies.
It also suggests that CSR be domiciled with the Corporate Affairs.
But for the representative of Oil Producers Trade Section, Bala Wuoir, the Petroleum Industry Act already mandates oil companies operating in Nigeria to make 3% of their profit available to the Niger Delta Development Commission.
It believes any further levy will impact negatively on their operations.
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