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Saving Our Commonwealth: Thoughts on Legislative Oversight

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In 1787, the United States gave the world a unique gift. Through the famous Philadelphia Convention, Congressional Oversight came into existence as a means of reviewing, monitoring and supervising government agencies, programmes and activities. Aside the American Congress which continues to exercise this legislative power through the Congressional Committee System, other democracies including Nigeria are today partakers of this great tradition.

Perhaps initiators of the concept of legislative oversight acknowledged the fact that human beings when entrusted with responsibility and commonwealth are likely to abuse the privilege, hence the need for checks and close watching. There is no where that the tendency to abuse office and commonwealth is more glaring than the Third World countries such as Nigeria and other Sub-Saharan African countries.

For us in the House of Representatives, our equivalent of the American Legislative Reorganization Act of 1946 which concretised the Philadelphia Convention is Section 88 of the 1999 Constitution (as amended) and Order xviii, Rule 184 of the Standing Orders of the House of Representatives. Here, oversight is embedded in the powers of the legislature.

I admit that there is some truth in the allegation that in a few isolated cases, this power of legislative oversight has been abused for selfish purposes by those who do not understand the purpose and import of the role. This isolated few do not appreciate that oversight is a sacred duty being carried on behalf of the Nigerian masses who entrusted us with such solemn responsibility.

A few days ago, I had reasons to reflect on oversight as a legislative tool. My thought also drifted to the state of Nigeria’s public institutions, not necessarily in the oil and gas sector. My reflections stemmed from a recent oversight tour of both public and private businesses in the petroleum downstream sector in the South-West geo-political zone of Nigeria. For a while, I saluted the courage and vision of men like James Madison and other founding fathers of America who thought it wise to empower Congress with the power of oversight. I really do not think I should overemphasise the privileges and opportunities American citizens and public organizations have enjoyed over the years on account of this legislative instrument.

Nigeria’s National Assembly does not have the long history or the good fortune of America’s Congress that has over two centuries of uninterrupted process. This partially accounts for the few isolated cases of abuse of power of oversight. However, I still believe our legislature need not attain that stature of America’s Congress to effectively add value to the democratic process and there is no better time than now to monitor government business and our commonwealth. As our public organizations stand today, there is really need to worry. And except we urgently address our decrepit infrastructure and man power needs with everything at our disposal, our public institutions may one day grind to a halt.

As representatives of our people, we therefore have everything to gain by routinely monitoring the executive arm for probity, fidelity and above all, efficiency without necessarily being adversarial. This is a sacred duty we owe to the ordinary Nigerian people who have vested in us their trust.

But for this recent oversight tour involving members of the House Committee on Petroleum Resources (Downstream) one would not have been able to fully appreciate the enormity of the deterioration of public infrastructure in the petroleum downstream sector.

In just four days, we visited about eleven private oil and gas facilities and over four oil and gas infrastructure belonging to and managed by government. However, the most disturbing but revealing aspect of the tour is our shared view that government is a bad businessman. My colleagues and I agreed that the more businesses are removed from the purview of government, the better for that business, the government itself and even our people.

The Committee also took note of the multifarious problems facing these public institutions. For me, the most critical is power. Almost everywhere we went, power remained recurrent because it plays a vital role in almost every business venture. Issues of obsolete equipment, poor management, inadequate staffing, funding, pipeline vandalism, transparency and environmental challenges also came up.

Again, one baffling contradiction is the unresolved issues around HHK or DPK (kerosene). I had to repeatedly ask questions bordering on the never-ending scarcity of HHK or DPK and the question of transparency and greed which in my considered opinion, is at the centre of the crisis. Like most Nigerians, I know that this product which services the mass of our people never reaches the final consumer at government approved rate. Sadly, the answers were unsatisfactory. Beyond the availability of HHK or DPK, I know that Nigeria has the capacity to swiftly transit from DPK to LPG (gas) as source of domestic fuel, which is now widely used in countries like Ghana, Cameroun and other smaller countries within our sub-region. The fact that we have not taken deliberate steps to re-orientate our people and develop gas infrastructure to support the use of gas as domestic fuel in homes is an indictment on our leadership.

Therefore If we must live by the dictum which confers responsibility on democracy as a government of the people, then everybody in the public space working for Nigeria including legislators, must have the interest of the larger percentage of Nigerians at heart. If ordinary people in these less endowed countries can access gas, then our people have every right not only to LPG, but a better life. And I think that is what government is all about.

This Seventh Assembly just turned one but one could still look back with some sense of pride. In the Lower Chamber for instance, we have had challenges but we have also taken very hard and unpopular decisions in the interest of the Nigerian people. Under the leadership of the Rt. Honourable Aminu Waziri Tambuwal and Emeka Ihedioha, we have kept faith with the people of Nigeria. But we are also aware that the room for improvement is the biggest room. Those who are impatient with the National Assembly have every right to feel so but they should also be reminded that this institution is the youngest arm of government. The National Assembly certainly may not have met the expectations of majority of our people but everybody admits we are on course. Rays of hope are evident!

This may not be the best of seasons for Nigeria but we should also remember that greatness is a process, not an event, even though I disagree with those who opine that the current challenges are necessary for our growth and development. I therefore wish to congratulate the Seventh Assembly as it turns one. But I would also want to remind the law makers of the need not to falter in their constitutional duties. Majority of our people are living below poverty line, infrastructure is virtually non-existent and economic growth is stunted. Therefore, we must be guided by this reality which is very discouraging and unacceptable.

The events following the recent tragedy that befell Nigeria’s aviation industry are all pointers to the readiness of the legislature to serve the interest of Nigerians. Aside the visit to the crash site by members of both the upper and lower Chambers, the legislature has also vowed to independently carry out its own investigation regarding the crash. At other times, we also saw a parliament that was alive to its duties and willing to initiate interventions for the common good.

We must therefore support our law makers. The law makers on the other hand must also at all times invoke every legitimate legislative instrument necessary for its work. We must learn to live by the strength of our example typified by high moral standing. Oversight for instance, remains a veritable weapon. But for this weapon to be effective, information must be at the disposal of the legislature. There must also be information about the activities of where they are over sighting so that they can feed back into better law-making. That, for me is the path to travel.

Amaopusenibo (Hon.) Dakuku Peterside, member, House of Representatives is also Chairman House Committee on Petroleum (Downstream)

 

Hon. Dakuku Peterside

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NCAA Certifies Elin Group Aircraft Maintenance

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The Nigerian Civil Aviation Authority (NCAA) has certified Elin Group Limited to operate as an approved aircraft maintenance organization (AMO).
Elin Group Limited confirmed the certification in a Statement released at the Weekend.
The Executive Director, Elin Group Limited, Engr. Dr. Benedict Adeyileka, noted the significance of the certification, stating that it recognizes the company’s commitment to upholding high maintenance standards.
Adeyileka also stated that “the issuance of the AMO Certificates and OPSPEC by the NCAA is a landmark for both Elin Group and Nigeria’s aviation industry. This approval empowers us to maintain our fleet and extend services to other operators, thereby supporting the sector’s growth.
“It affirms the standards we have upheld over the years and places on us the responsibility to expand services that strengthen the aviation ecosystem. We thank the NCAA for their confidence in our capabilities.
“This recognition inspires us to keep striving for excellence and innovation in building a stronger, safer, and more sustainable aviation industry.”
The certification follows the company’s recent completion of a 7,800 landings maintenance check on its Bombardier Challenger 604 aircraft and Agusta A109E helicopter.
This type of inspection, similar to a D-check in commercial aviation, was conducted entirely in Nigeria for the first time.
With the NCAA approval, Elin Group is authorized to maintain its own fleet and provide maintenance services to other operators.
The certification is expected to contribute to the growth of local aviation maintenance capabilities.
“PenCom Raises Capital Requirement For PFAs To N20b
…Sets December 2026 Deadline
The National Pension Commission (PenCom) has announced a sweeping revision to the capital requirements for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), raising the minimum threshold for PFAs tenfold, from N2 billion to N20 billion.
The move, aimed at strengthening financial stability and operational resilience, marks one of the most significant regulatory shifts in Nigeria’s pension industry in over two decades.
In a circular titled “Revised Minimum Capital Requirements for Licensed Pension Fund Administrators and Pension Fund Custodians”, PenCom stated that PFAs with Assets Under Management (AUM) of N500b and above must now maintain a capital base of N20 billion plus 1% of the excess AUM beyond N500 billion.
The revised capital requirements for both PFAs and PFCs would take effect immediately for new licenses, while existing operators have until December 31, 2026, to comply.
PenCom would monitor compliance every two years based on audited financial statements, and any shortfall must be rectified within 90 days.
PenCom emphasized that the review is anchored in Sections 60(1)(b), 62(b), and 115(1) of the Pension Reform Act (PRA) 2014. It aims to support the long-term viability of pension operators, improve service delivery, and ensure the sustainability of the Contributory Pension Scheme (CPS), which has now been in operation for 21 years.
“PFAs are therefore required to maintain adequate capital to sustain the achievements of the CPS, support ongoing pension reform initiatives, and deploy adequate resources to effectively fund operations,” PenCom stated.
PFAs with AUM below N500b are also required to meet the new N20 billion minimum. Special Purpose PFAs, such as NPF Pensions Limited, must hold N30 billion, while the Nigerian University Pension Management Company Limited is required to maintain N20 billion.
“The capital requirement was reviewed in line with global best practice, which ensures that capital is proportionate to the risk exposure of the Pension Fund Operator. The new model aligned the capital requirement with the Pension Asset Under Management (AUM) and Assets Under Custody (AUC) of the PFAs and PFCs respectively”, the circular stated.
For Pension Fund Custodians (PFCs), the minimum capital requirement has been raised from N2 billion, unchanged since 2004, to N25 billion plus 0.1% of AUC.
The Commission cited the exponential growth in assets under custody and the increasing complexity of operations, including technology deployment, cybersecurity, and staff welfare, as key drivers of the revision.
“The operating landscape of PFC business has evolved significantly over 21 years,” the circular noted. “These developments underscore the need to reassess the adequacy of the existing capital threshold to ensure continued financial stability and effective risk management”, it stated.
The announcement signaled PenCom’s commitment to aligning Nigeria’s pension industry with global standards, ensuring that operators are well-capitalized to navigate macroeconomic pressures and deliver secure retirement benefits to millions of Nigerians.
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SMEDAN, CAC Move To Ease Business Registration, Target 250,000 MSMEs

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The Corporate Affairs Commission (CAC) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are deepening partnership to ease business registration for small business owners in the country.
The agreement would provide the framework for free registration of 250,000 Micro Small and Medium Enterprises (MSMEs) across the country.
The Registrar-General, CAC, Hussaini Magaji, revealed this during the signing of a Memorandum of Understanding (MoU) between both organisations, in Abuja, at the Weekend.
Magaji said that the framework provided under the Renewed Hope Agenda of President Bola Tinubu’s administration would eliminate cost barriers by waiving all statutory fees.
According to him, entrepreneurs would now be able to obtain certificates seamlessly, without delays or middlemen, through the CAC portal.
He said, “Formalising a business is more than obtaining a certificate.
“It provides entrepreneurs with a legal identity, improves access to finance and markets, enhances record keeping and strengthens compliance with tax or regulatory obligations.
“For the government, it expands the tax base, improves policy design and reflects the two sides and contribution of our MSME sector.
“By formalising an additional 250,000 enterprises under this initiative, we are helping to create jobs, foster innovation and build a more inclusive economy,” he said.
The registrar-general, while commending SMEDAN on the partnership, urged the MSMEs to take advantage of this opportunity to formalise their businesses, access new opportunities and become part of Nigeria’s growth story.
Magaji also appealed to the media to Partner in amplifying this message to ensuring that every deserving entrepreneur is carried along.
On his part, the Director-General of SMEDAN, Charles Odii, hailed the initiative as a milestone for small businesses, describing it as one of the “big wins” of the current administration.
Odii explained that SMEDAN would mobilise, profile and guide eligible businesses for registration through its dedicated online portal.
He insisted that the platform would eliminate the role of middlemen, who previously inflated registration costs, sometimes charging between N30,000 and N100,000 against the official CAC rate of about N11,000.
Odii said the initiative would complement the President’s N200 billion economic assistance programme, which provides N50 billion in grants for nano businesses, N75 billion in single-digit loans for SMEs and N75 billion for manufacturers.
He said that the interventions demonstrated the resolve of government to ease the cost of doing business and expand opportunities for entrepreneurs.
The director-general said that the MoU was timely, especially as CAC prepared to review its fees by October, reiterating that the initiative ensures 250,000 businesses will benefit from free registration before the review.
According to Odii, many businesses collapse within their first five years due to a lack of structure, noting that registration was the first step to building resilience.
The SMEDAN boss assured that beyond registration, SMEDAN would continue to support entrepreneurs through business clinics, advisory services and linkages.
He said this would be done in collaboration with other agencies such as the Standards Organisation of Nigeria (SON) and the Nigerian Export Promotion Council (NEPC).
Odii also commended the President’s move to raise the tax exemption threshold for small businesses with N25 million to N50 million annual turnover, saying it will reduce the burden on enterprises and encourage compliance.
He thanked the Registrar-General of CAC, the Federal Ministry of Industry, Trade and Investment and the Chief of Staff to the President for their support in bringing the initiative to fruition.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

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Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.

Coordinating Minister of the Ministry,
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
The Permanent Secretary of the ministry, Olufemi Oloruntola, stressed that the funding gap  must be closed to move from policy to practice.

“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.

He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.

Oloruntola argued that the sector’s potential goes beyond trade, pointing to the surge of diaspora spending every festive season. With the right coastal infrastructure, he said, the marine economy could capture a slice of those inflows as foreign exchange and revenue.

The Chief Executive, Nigerian Exchange (NGX), Jude Chiemeka, said blue bonds, which are loans raised through the capital market, but tied specifically to projects that protect or develop marine projects, could unlock huge sums of much-needed capital.

He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”

The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.

Seychelles, he pointed out, raised $15 million from a blue bond to support its fisheries industry, a scale Nigeria, with over 853 km of coastline and significant freshwater bodies, could surpass.

Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.

“Even the most innovative financial tools and private investments require a solid public funding base to thrive.

“We therefore call on the relevant authorities, most especially the National Assembly, to prioritise the marine and green economy sector.”

“Nigeria must match ambition with resources” and “strategy into execution”, he said

It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.

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