By Philomina Brando
The Senate Committee on Finance has moved to recommend the removal of the Registrar-General of the Corporate Affairs Commission, Hussein Ishaq Magaji (SAN), over alleged persistent disregard for legislative oversight and inconsistencies in the agency’s revenue records.
The committee resolved to write to President Bola Tinubu seeking Magaji’s removal after accusing him of repeatedly ignoring invitations and delegating junior officers to represent him before the Senate.
Chairman of the committee, in a stern rebuke during the session, said the registrar-general had been reluctant in responding to the panel’s correspondences.
“You have been reluctant in responding to our correspondences. Whenever we invite you, you send a junior officer to meet with the Senate of the Federal Republic of Nigeria,” he said, stressing that the Constitution empowers the National Assembly to oversee all revenue-generating agencies.
Lawmakers observed that Magaji only appeared before the committee shortly after it threatened to escalate the matter to the full Senate — a development they described as suggestive of deliberate disregard.
“If after our pronouncement you appeared in less than 20 minutes, then maybe you did it intentionally,” the chairman added.
Although Magaji apologised, blaming his absence on miscommunication and late receipt of the invitation, senators warned that executive agencies must not treat the legislature with levity.
A senior lawmaker cautioned, “The National Assembly is the only institution that can hold even the President accountable. Nobody in the executive arm should take this institution for granted.”
Beyond the attendance controversy, the committee’s scrutiny of the commission’s financial submissions revealed deeper concerns.
The CAC reported generating ₦53bn in 2025 and remitting 50 per cent to the Consolidated Revenue Fund. However, senators flagged discrepancies in the arithmetic, noting that the remittance figures presented suggested earnings exceeding ₦60bn.
“If you generated ₦53bn and remitted 50 per cent, your figures should align. What you presented does not add up,” one senator said.
The lawmakers also queried the legality of the commission’s retention of 50 per cent of its revenue, demanding clarification on whether the arrangement was backed by fiscal regulations.
They further raised concerns over outstanding liabilities dating back to 2021, describing the commission’s reference to a “voluntary fund” for obligations as inappropriate.
“If it is an obligation, it is not voluntary. It is mandatory. You must clear all outstanding liabilities before retaining any funds,” another senator insisted.
The committee described the revenue presentation as “very scanty” and not compliant with financial reporting standards, directing the registrar-general to return with detailed documentation.
The panel requested a full breakdown of the commission’s 2024 and 2025 revenue performance, expected versus actual figures with variance analysis, clear assumptions underpinning the 2026 projections, and comprehensive details of outstanding remittances.
Although some senators later appealed for leniency and urged the committee to temper justice with mercy, the session highlighted growing legislative impatience with revenue-generating agencies perceived to be evading scrutiny.
The committee eventually rescinded its immediate recommendation for removal at the committee level but warned that the CAC leadership remains under close watch and could face further action if the discrepancies are not satisfactorily addressed.