The Senate Committee on Aviation has cleared Air Peace Airlines of responsibility in the July 13 runway overshoot at Port Harcourt International Airport, Rivers State, ruling that the event was a minor aviation incident handled in accordance with global safety standards.

At an investigative session held Thursday in Abuja, the committee—chaired by Senator Abdulfatai Buhari (Oyo North)—met with key stakeholders in the aviation sector, including the Nigerian Civil Aviation Authority (NCAA), Federal Airports Authority of Nigeria (FAAN), Nigerian Safety Investigation Bureau (NSIB), and Air Peace management.

Briefing journalists after a closed-door session that lasted over an hour, Senator Buhari said preliminary reports showed no evidence of technical malfunction, pilot error, or negligence.

“The allegations making the rounds were not supported by facts,” Buhari said. “The aircraft was sound, the crew acted professionally, and no lives were at risk. What matters is that safety was maintained and the aircraft was later flown back to Lagos without issues.”

He added that Nigeria’s handling of aviation incidents is closely watched by international regulators and urged coordinated communication among agencies to prevent misinformation.

Air Peace Chairman, Allen Onyema, thanked the Senate for what he described as a fair and objective assessment, while warning against sensational headlines that could harm public confidence.

“Runway excursions occur everywhere in the world; what defines safety is the response,” Onyema said. “All our pilots were tested—none was intoxicated. The plane was airworthy and flew back to base the same day. Air Peace continues to uphold the highest safety standards.”

FAAN Managing Director, Mrs. Olubunmi Kuku, also confirmed that emergency teams responded immediately and ensured all passengers were safe.

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.

Overwhelming support was given to the Bill seeking to amend the Raw Materials Research and Development Council ( RMRDC) Act 2022 by stakeholders in Abuja on Wednesday during a public hearing organised by the Senate Committee on Science and Technology.

The Bill conceptualized by the Raw Materials Research and Development Council ( RMRDC) and sponsored by Senator Peter Onyekachi Nwebonyi, basically aims at processing raw materials in Nigeria before exporting them .

In their separate presentations , stakeholders like the Ministry of Solid Minerals , Standard Organization of Nigeria ( SON) , Manufacturers Association of Nigeria ( MAN) etc , threw their weights behind expeditious consideration and passage of the bill .

Representatives of the stakeholders described intendment of the amendment bill as required catalyst to turnaround the fortune of the country from exporting jobs and wealth abroad to generating them here.

Specifically , the Director – General of Raw Materials Research and Development Council , Professor Nnanyelugo Ike Muonso said final consideration and passage of the bill , will stop exportation of wealth and jobs to foreign countries by Nigeria through processing of raw materials before exporting them .

” Today is my happiest day with the 100% support the amendment bill got from the various stakeholders”, he said .

In his closing remarks the Chairman of the Committee , Senator Iya Abbas , said since there was no opposing views to the proposed amendment bill , the committee will accordingly submit its report to the Senate soonest for final consideration and passage .