When the pending revision to the Agriculture Act is approved, the facilities Concession Regulatory Commission says it intends to penalize concessionaires of public facilities that make mistakes.
The PUNCH reported that the commission stated that it had taken steps to ensure that the legislation would give it teeth and punish private investors who abandoned their investments.
This announcement was delivered by a member of the ICRC Legal Unit, Barrister Komommo Okoi, at a consultative forum meeting held on Tuesday in Abuja.
“There is a constitution governing the relationship in public-private partnerships, and so the agreement will specify (penalties) if either party defaults,” she explained.
The agreement will be unambiguous on liabilities; what the parties signed is what will govern their relationship and beyond that, in regard to, if ICRC can do anything beyond the agreement to ensure that the parties uphold their obligations.
“Right now, we don’t have enforcement powers under our current act, but the act is being amended, and we will have the ability and power to sanction erring parties to PPP agreements.” So, if that happens, we will be able to fine and punish people to ensure they fulfil their commitments.
“The ICRC merely regulates in the event that the private sector is engaging in nefarious activities, which is what enforcement power is expected to handle,” she continued.
The ICRC’s role is to ensure that the business sector and government fulfil their respective obligations and account for their responsibilities under the agreement.
