*As Senate demands sack of CAC Registrar-General, Hussaini Magaji
WorldStage– A joint National Assembly probe into the president’s new oil revenue executive order was stalled on Thursday following a request for more time by the Minister of Petroleum Resources.
Also intensifying its oversight of key economic institutions, the Senate urged President Bola Tinubu to sack the Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Magaji, over his repeated failure to honour invitations, even
The twin developments unfolded at separate sessions of the National Assembly, reflecting growing legislative assertiveness over revenue-generating agencies and the management of Nigeria’s oil and gas income.
In the development, a joint investigative hearing by Senate and House of Representatives Committees on Petroleum Resources and Gas into President Tinubu’s executive order on oil and gas revenue remittances was adjourned after the Minister of Petroleum Resources, Heineken Lokpobiri, sought additional time to prepare.
The hearing was convened to scrutinise the executive order directing that royalty oil, tax oil, profit oil, profit gas and other revenues due to the Federation under various petroleum contracts be paid directly into the Federation Account.
Lokpobiri told lawmakers that although he attended out of respect for parliament, he had been notified of the hearing only a day earlier and had not obtained all relevant documents needed to adequately defend the policy.
He appealed for the session to be rescheduled.
Co-chairman of the joint committee and Chairman of the Senate Committee on Gas, Senator Agom Jarigbe, put the request to a voice vote, and lawmakers approved the adjournment.
A new date is expected to be communicated to the minister.
The executive order, signed on Wednesday, also scrapped the 30 per cent Frontier Exploration Fund created under the Petroleum Industry Act (PIA) and discontinued the 30 per cent management fee on profit oil and profit gas previously retained by the Nigerian National Petroleum Company Limited (NNPCL).
Anchored on Sections 5 and 44(3) of the Constitution, the presidency said the directive was aimed at safeguarding oil and gas revenues, curbing excessive deductions and restoring the constitutional entitlements of federal, state and local governments to the
Federation Account.
However, the order has sparked criticism within the industry. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) rejected the directive, warning that it could undermine the PIA and erode investor confidence.
Its president, Festus Osifo, called for an immediate withdrawal of the order.
Meanwhile, at another session, the Chairman of the Senate Committee on Finance, Musa, disclosed that President Tinubu would soon transmit proposals to amend certain provisions of the PIA to align with current economic realities.
He noted that while many expect the executive order to boost revenue automatically, Nigeria has yet to achieve its desired income levels.
He did not specify which sections of the law would be targeted but suggested that the drive to enhance revenue generation would necessitate legislative adjustments.
The PIA, signed into law in 2021, overhauled the governance, regulatory and fiscal framework of Nigeria’s oil and gas sector, commercialised the NNPCL and restructured revenue-sharing arrangements.
With the Senate pressing for accountability from revenue agencies and seeking clarity on oil income reforms, the coming weeks are expected to test the balance of power between the legislature and the executive over economic management and institutional compliance.
On call to Tinubu to remove CAC’s chairman at a meeting of the Senate Committee on Finance, chaired by Senator Sani Musa, lawmakers resolved to formally recommend Magaji’s removal, accusing him of persistently refusing to appear before the panel to account for the commission’s revenue and performance.
The resolution followed a motion moved by Senator Orji Uzor Kalu, who expressed frustration that the CAC boss had allegedly shunned several invitations despite prior warnings.
Kalu argued that if senior cabinet members could honour the committee’s summons, the CAC registrar-general had no justification for staying away. He maintained that the Senate would no longer tolerate what he described as disregard for its constitutional authority.
The committee adopted the motion through a voice vote, with the majority supporting the recommendation.
Musa subsequently directed that the resolution be forwarded to the president for necessary action.
According to Musa, the committee has concerns over discrepancies in CAC’s revenue reconciliation and alleged that the registrar-general routinely sends junior officers to represent him instead of appearing in person.
The CAC, established under the Companies and Allied Matters Act, is responsible for the registration and regulation of companies, business names and incorporated trustees in Nigeria.
As custodian of the nation’s corporate registry, it plays a pivotal role in the business environment and generates significant revenue for the federal government through incorporation and filing fees.
While the National Assembly has powers under Sections 88 and 89 of the 1999 Constitution (as amended) to investigate agencies and summon officials, the authority to appoint or remove the head of an executive agency ultimately rests with the president, subject to the enabling law.
