The House of Representatives is advancing a bill to regulate Corporate Social Responsibility (CSR) in Nigeria, following a report from its CSR Committee, chaired by Prof. Lilian Orogbu.
The bill, read on November 8, 2023, proposes the establishment of a CSR Department under the Federal Ministry of Industry, Trade, and Investment, with state offices nationwide.
It aims to integrate economic, environmental, and social considerations into business strategies while enhancing global competitiveness.
Key recommendations include appointing a commissioner, nominated by the minister and approved by the president, to oversee grants, provide CSR-related advice, and coordinate with stakeholders.
Companies with a net worth of ₦500 million or turnover of ₦100 million must form CSR committees, including at least one independent director.
Extractive companies are required to establish similar committees if they meet a ₦200 million net worth or ₦50 million net profit threshold.
Violations of the proposed act may attract a fine thrice the unspent CSR amount or a two-year prison sentence.
Â
Â
Â
