Allow companies donate to political parties as part of their CSR – Onofiok Luke
By Imó Etim
Rt. Hon. Onofiok Luke, a former Speaker of the Akwa Ibom State House of Assembly, has made a case for political parties in Nigeria to be allowed to receive donations from companies and corporate entities as part of Corporate Social Responsibilities (CSR).
Luke made the call on Thursday, June 20, 2024 while presenting a lecture on the occasion of the Investiture of 13th Chairman of the Institute of Chartered Accountants of Nigeria (ICAN), and the Inauguration of 2024/2025 Executive Committee of Uyo and District Society held at Ibom Hall.
The former the National Assembly who was speaking on the topic ‘Building Political Capital: How Professionals can gain influence in Nigeria’s political arena’, noted that more professionals are needed in political sphere to make a difference, but building political capital remains a basic requirement that is mostly garnered when granted opportunities to serve.
He expressed worry over why Nigeria’s Companies and Allied Matters Act prohibited donations from corporate entities, while countries like South Africa, India and United Kingdom are actually benefiting from such.
He queried, “Why are companies not allowed as part of their Corporate Social Responsibilities to contribute to the political system?; because, it is the political system that determines the workings of other systems.
“Part of Corporate Social Responsibilities of companies and corporate entities is the choice of better candidates to man our respective offices. The present political sector both national and globally is capital intensive.”
“Money holds the wheels of political machinery, and those who determine the happenings politically are those with deep pockets. Corporate entities are affected by the actions and inactions of political actors, by extension, the professionals should be given a chance to have a say in what happens in politics as major donors to political parties or individuals.
He also recounted eminent Nigerians like; Ngozi Okonjo-Iwela, Adenwumi Adesina, Olusegun Aganga, Charles Soludo, Nasir El-Rufai, Victor Attah, Godswill Akpabio, and Udom Emmanuel and others, as professionals who built political capital and stood out in their endeavours.
Honourable Luke also advocated for the Companies and Allied Matters Acts, 2022 to be amended to allow for corporate entities to make donations to the political system.
“I therefore call for the amendment of Section 43 of CAMA 202, subsection (2)to reflect and possibly incorporate the position of the Indian and United Kingdom’s company Act which permits political donations by companies but done in such way that the shareholders have a prominent say, which way the company would go with regards to political parties or candidates the companies would fund. By these, I believe the professionals would have a say.”
Section 43(2) CAMA provides that: “A company shall not have or exercise power either directly or indirectly to make a donation or gift of any of its property or funds to a political party or political association, or for any political purpose…”