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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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33 Banks Raise N4.65tn As Recapitalisation Ends

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The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.

The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”

The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.

The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.

It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.

The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.

To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.

It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.

The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.

Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.

The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.

However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.

The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.

 

 

 

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SMEs Dev: Firms Launch N100m Loan Scheme 

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The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA),  said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

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Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

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The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .
He said this while addressing visiting top executives of Edison Corporation  and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.
The Board in a statement from the Directorate of Corporate Communications said  all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.
Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.
“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.
“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.
He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery
“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”
The Board’s  Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.
In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.
“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.
“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.
Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.
The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.
“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality.  We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the   boss noted.
Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.
By: Ariwera Ibibo-Howells, Yenagoa
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