The Senate Committee on Local Content has directed the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, to appear before it over alleged financial irregularities linked to the Board’s investment in Atlantic International Refinery and Petrochemical Limited.

The committee’s decision follows allegations by the Economic and Financial Crimes Commission (EFCC) involving funds purportedly invested by the NCDMB in the refinery project.

After a meeting in Abuja on Thursday, lawmakers resolved that the agency’s leadership must submit 30 copies of all relevant documents at least one week before their scheduled appearance on December 9, 2025.

Committee Chairman, Senator Joel-Onowakpo Thomas, noted that the NCDMB leadership had earlier failed to honour an invitation to address issues raised by the EFCC, including the declaration of former Minister of State for Petroleum Resources, Chief Timipre Sylva, as wanted over an alleged conspiracy and the alleged dishonest conversion of $14.86 million.

He emphasized that the funds in question were reported to have been invested by the Board for the establishment of a refinery, underscoring the seriousness of the matter.

Despite the ongoing investigations by anti-corruption agencies, the committee resolved to provide the Executive Secretary another opportunity to clarify the Board’s role.

The motion compelling the NCDMB leadership to appear was moved by Senator Agom Jarigbe.

In a significant move to reshape Nigeria’s financial landscape, the Senate has advanced two major bills aimed at revitalizing critical sectors of the economy.

The move came during a public hearing convened on Wednesday by the Senate Committee on Banking, Insurance, and Other Financial Institutions, focusing on proposed legislation to modernize the Nigerian Export-Import Bank and completely replace the law governing the nation’s insurance sector.

Chairman of the committee, Senator Mukhail Adetokunbo Abiru, set the tone for the hearing, stating that the twin bills share a unified objective to “strengthen the institutional and regulatory architecture of Nigeria’s financial system” and position it to “drive sustainable economic growth and diversification.” He emphasized that the legislative process is a collaborative endeavor, assuring stakeholders that their inputs would receive “the utmost attention and careful consideration.”

A central focus of the proceedings was the Nigerian Export-Import Bank Act (Amendment) Bill, 2025, which seeks to update a law that has governed the bank since 1991. Senator Abiru described the current Act as “outdated and inadequate” for navigating contemporary challenges like global trade disruptions and the urgent need for economic diversification.

“This amendment, therefore, seeks to modernize the enabling law to align with contemporary best practices and Nigeria’s strategic economic priorities,” he told the assembly of regulators, industry leaders, and experts.

The push for a strategic realignment of NEXIM was powerfully underscored by the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole.

She revealed a significant operational shift, stating, “Operationally, oversight of NEXIM Bank has effectively been transferred by Mr. President by a ministerial mandate from November 4, 2024, to the Honorable Minister of Industry, Trade and Investment.” Dr. Oduwole argued that the bank’s current placement under the finance ministry has led to a misalignment with national trade goals, leaving it under-capitalized and unable to fully support Nigeria’s economic ambitions.

“To support the government’s agenda of building a $1 trillion economy, this misalignment and under-capitalization hampers NEXIM’s ability to effectively support Nigeria’s trade ambitions,” the Minister stated. She proposed a definitive legal transfer, recommending that “NEXIM should be placed under the legal purview of the Federal Ministry of Industry, Trade and Investment,” and be recapitalized with export revenue to empower it for its export-led mandate.

Simultaneously, the Senate considered the National Insurance Commission Act (Repeal) and Insurance Regulatory Commission Bill, which proposes a fundamental overhaul of the insurance sector’s regulatory framework.

Senator Abiru identified the current 1997 law as a constraint, fostering “weak enforcement mechanisms, low public confidence, and a regulatory framework that has remained largely unchanged.” The new bill aims to establish a stronger, more responsive Insurance Regulatory Commission capable of rebuilding trust and accommodating modern innovations like digital insurance and fintech.

The Senate Committee will now collate the submissions from the public hearing to prepare reports that will guide the final passage of the bills. This legislative action marks a pivotal effort by lawmakers to build more resilient and forward-looking financial institutions, seen as a critical foundation for Nigeria’s long-term economic stability and growth.

The Senate on Wednesday passed for second reading a Bill that seeks to create a legal framework enabling Small and Medium-sized Enterprises (SMEs) to access quicker financing by converting unpaid invoices into immediate cash.

The proposed legislation, titled “Factoring Regulation Bill, 2024,” was sponsored by Senator Asuquo Ekpenyong (APC – Cross River South), who said it is designed to tackle delayed payments, one of the most persistent challenges confronting micro, small, and medium enterprises (MSMEs) across Nigeria.

Ekpenyong explained that many MSMEs deliver goods or services and then wait up to 90 days before receiving payment, leaving them unable to pay workers, replenish inventory, or expand operations.

“This cycle of weak cash flow not only traps small businesses but also slows down our economy’s overall growth,” he said.

The lawmaker described the Bill as a major structural reform that would unlock working capital for over 40 million small businesses that form the backbone of Nigeria’s economy.

He said factoring, the practice of selling verified invoices to a licensed finance company or bank at a small discount in exchange for immediate payment, offers a tested solution to the cash-flow challenges faced by MSMEs in the country.

“Unlike a bank loan that depends on collateral, factoring is based on the buyer’s creditworthiness and the validity of the invoice.

“This allows businesses to access financing on the strength of their sales, not their fixed assets,” he said.

The senator said the Bill provides a comprehensive regulatory structure under the Securities and Exchange Commission (SEC), ensuring that only licensed entities can engage in factoring while also mandating full disclosure of costs and fees.

It also makes invoice transfers legally enforceable to prevent disputes and aligns with digital reforms such as e-invoicing and receivables registries that reduce fraud and improve verification.

Ekpenyong added that the framework would encourage large corporations and government agencies to adopt supplier-financing programmes that enable MSMEs to receive early payments at low cost.

Citing global precedents, he noted that similar policies in countries such as Mexico, India, Chile, Brazil, and South Africa had unlocked billions of dollars in working capital for small businesses, strengthening domestic value chains.

He expressed optimism that with clear regulations, Nigeria could attract over $1 billion annually through factoring to support production, create jobs, and boost investor confidence.

“This is not another short-term credit scheme. It is a structural reform that converts invoices MSMEs already hold into usable capital,” he explained.

The Bill, which was first read on June 11, 2024, also mandates regular reporting on transaction volumes, delinquency trends, and MSME participation, while promoting financial literacy through plain-language contracts and standard term sheets.

The Bill was approved for second reading by voice vote and referred to the Senate Committee on Banking, Insurance, and Financial Institutions for further legislative action and to report back in four weeks.