The Senate Committee on Finance has initiated moves to recommend the removal of the Registrar-General of the Corporate Affairs Commission (CAC), Mr. Hussein Ishaq Magaji (SAN), over what it described as persistent disregard for legislative oversight and inconsistencies in the Commission’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 appear before the Senate on his behalf.
“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,” the Committee Chairman said, stressing that the Constitution empowers the National Assembly to oversee all revenue-generating agencies.
Lawmakers noted that the Registrar-General appeared before the committee only after it threatened to escalate the matter to the full Senate — a move they said suggested 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, attributing his absence to miscommunication and late receipt of the invitation, senators warned that executive agencies must not treat the legislature with levity.
“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,” a senior lawmaker cautioned.
Beyond the attendance issue, the committee’s review of CAC’s financial submissions raised further concerns.
The Commission reported generating ₦53 billion in 2025 and remitting 50 per cent to the Consolidated Revenue Fund. However, senators identified arithmetic discrepancies, noting that the remittance figures presented suggested earnings exceeding ₦60 billion.
“If you generated ₦53 billion and remitted 50 per cent, your figures should align. What you presented does not add up,” one senator stated.
Lawmakers also questioned the legality of CAC’s retention of 50 per cent of its revenue, demanding clarification on the fiscal basis for the arrangement. They raised concerns over outstanding liabilities dating back to 2021 and faulted the Commission’s reference to a “voluntary fund” for settling obligations.
“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.
Describing the revenue presentation as “very scanty” and non-compliant with financial reporting standards, the committee directed the Registrar-General to return with detailed documentation, including:
·      Full breakdown of 2024 and 2025 revenue performance
·      Expected versus actual figures with variance analysis
·      Clear assumptions underpinning 2026 projections
·      Comprehensive details of outstanding remittances
Although some senators later appealed for leniency, urging the committee to temper justice with mercy, the session reflected growing legislative impatience with revenue-generating agencies perceived to be evading scrutiny.
While the committee eventually rescinded its immediate recommendation for removal at the committee level, it made clear that the CAC leadership remains under close watch and could face further action if the discrepancies are not satisfactorily addressed.
