By Ubong Ukpong, Abuja

The House of Representatives Public Accounts Committee (PAC) has called for adequate funding for the Office of the Auditor General for the Federation (OAuGF) to discharge its core Constitutional responsibilities.

Chairman of the Committee, Hon.

Presenting an overview of the 2025 budget performance, the Auditor General, Shaakaa Kanyitor Chira, stated that poor release of allocated funds had affected the operations of the office leading to gaps in accomplishing its statutory mandate and plans for the year.

According to him, the office was able to audit only five of Nigeria’s foreign missions in 2025 due to lack of funds while owing rents in some locations amidst shortage of personnel.

It was observed that, while N653 million was appropriated for the foreign missions audit, N371 million was expended leaving an outstanding balance of N282 million which represents 56% of the total amount released.

He said, “We proposed a budget of N3.4 billion for audit of foreign missions, and the budget office gave us a ceiling of 633,849,824 for 2026”.

He further informed that, only four per cent of the capital allocation to the Office was released in 2025 which he said significantly impaired its operational capacity.

While reviewing the proposed N15,881,134,488  allocation to the OAuGF for 2026, the Committee observed that the amount represents approximately 0.027 per cent of the N58.4 trillion Federal Government budget for the year.

The lawmakers described the allocation as grossly disproportionate to the constitutional responsibilities of the Office, which is mandated to audit over 1,000 Ministries, Departments and Agencies (MDAs), as well as government-funded institutions.

Chairman of the Committee, Representative Bamidele Salam, stated that it is unrealistic to expect the Auditor-General’s Office to effectively scrutinize a proposed expenditure of N58.4 trillion with such minimal funding.

He further disclosed that due to budgetary constraints in previous years, the Office was only able to audit five foreign missions out of about 100 Nigerian missions abroad.

A breakdown of the 2026 budget estimate shows N5.3 billion earmarked for personnel costs, N5.6 billion for overheads, and N4.8 billion for capital expenditure.

Hon. Salam said, “And the office of the Auditor General for the Federation is the office that is ordinarily meant to ensure that those monies are well spent and well audited. And all they have to audit the sum is less than N6 billion Naira. For those who can do math, that’s what percentage of the total budget.

“Okay, 58.4 trillion Naira, the total budget. It raises some concerns, as far as I’m concerned, if we are really serious about preventing corruption and ensuring that we have value for money and ensuring that this office is actually well empowered or enabled to be able to carry out its statutory duties. This is about the only office in the finance chain that is mentioned specifically in the constitution, Section 85. Yet, like the Auditor General said, they asked for 16 billion Naira on overhead and they are getting only N5.6 billion”.

According to him, weakening oversight institutions through inadequate financing ultimately undermines transparency and accountability in public financial management.

The PAC Chairman added, “This is associated with weak institutions, which have contributed to the corruption ravaging our country”.

The Committee therefore urged the Federal Government and relevant stakeholders to prioritize adequate appropriation and full release of funds to the Office of the Auditor-General for the Federation to enhance its capacity to perform its constitutional mandate effectively and proactively prevent corruption, waste, and mismanagement of public resources.

Universal Insurance Plc says it has met one of the recapitalisation requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

This was disclosed in a statement by the Company Secretary and Legal Adviser, Chinedu Onyilimba, on Wednesday.

The company said that one of the requirements is the Minimum Capital Requirement (MCR) guidelines issued by the National Insurance Commission (NAICOM).

The company said that the development underscored its commitment to regulatory compliance and financial strength.

The Managing Director, Dr Japhet Duru, said the company had fully deposited N1.5 billion as the statutory deposit with the Central Bank of Nigeria (CBN) in line with the MCR guidelines.

According to Duru, the company paid an additional N1.165 billion following the N335 million earlier deposited after securing shareholders’ approval at its Extraordinary General Meeting (EGM) held on Feb. 5.

He said, “I am delighted to inform you that we have secured all necessary approvals from our shareholders at the EGM to raise N15 billion for recapitalisation.

“We are confident that Universal Insurance Plc will be among compliant operators when NAICOM releases the list on July 31, 2026.”

Duru reaffirmed the company’s commitment to the prompt payment of genuine claims and an improved customer service experience.

NIIRA 2025, which was assented to by President Bola Tinubu on July 31, 2025, introduced a new framework for Minimum Capital Requirements for insurance and reinsurance companies as part of broader reforms to strengthen the sector.

Under the Act, existing operators were given 12 months from the commencement date to meet the new MCR thresholds or face regulatory actions, including cancellation of licences, merger directives, or liquidation.

The new minimum capital requirements are: Life insurance companies, N10 billion; Non-life insurance companies, N15 billion; and Reinsurance companies, N35 billion.

The revised thresholds represent a significant increase from previous requirements and are complemented by a Risk-Based Capital (RBC) framework designed to align capital adequacy with each company’s risk profile.

The recapitalisation deadline for all operators remains in force, with NAICOM reaffirming that the timeline would not be extended and that compliance verification would be ongoing. (NAN)

From Mike Tayese, Yenagoa

The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed its strong support to the African Petroleum Producers Organisation (APPO) and its newly established financial institution – the Africa Energy Bank (AEB).

The Executive Secretary of NCDMB, Felix Omatsola Ogbe made the pledge recently when the new Secretary General of APPO, Farid Ghezali paid him a courtesy visit at the Board’s Abuja liaison office, in company with senior officials of APPO, Bakary Traore and Tchananti Sahguir.

The meeting came on the heels of Nigeria’s handing over of the fully set up office of AEB on Monday, paving way for the Bank’s launch by APPO and Afreximbank – owners of the institution.

The Executive Secretary conveyed the agency’s strong support to APPO and the Africa Energy Bank’s success, noting that the future of the African oil and gas industry depended largely on the performance of both institutions.

“The NCDMB stands ready to provide operational support for the bank’s launch, in full alignment with the directives of President Bola Ahmed Tinubu and the Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri,” he noted.

The APPO Secretary General who assumed office in January 2026 sought the continued support of NCDMB to actualise APPO’s operations, recalling the long standing relationship between the institutions.

While outlining plans for improved transparency in the association’s operations, he advocated for timely financial contributions from member countries, recruitment of new members, and an expected increase in subscriptions.

He announced that Mauritania is anticipated to join APPO soon, further strengthening the organization’s continental reach Farid Ghezali emphasized the critical need for a transparent selection process of the Governing Board of the Africa Energy Bank, as well as structure and governance process, ensuring all APPO member countries remain equally informed of developments in the bank. He underscored the importance of rigorous Know Your Customer (KYC) and credibility requirements to build a credible and inclusive institution.

Discussions at the meeting also explored innovative capacity-building measures. Ghezali proposed developing an interactive platform to showcase African-certified companies in key specialties, while recommending the leveraging of NCDMB’s renowned Nigerian Content Academy for training and skill development across member states.

Both sides agreed on the need for equitable distribution of project benefits, harmonization of codes and regulations, technical assistance, knowledge sharing, honest collaboration, and the promotion of regional markets, particularly in West Africa, under the African Continental Free Trade Area (AfCFTA) framework.

Key decisions included launching the interactive local content platform in the first half of 2026, prioritizing financial discipline, circulating relevant roadmaps to stakeholders, following up on outstanding contributions, and providing operational support for the launch.

Ogbe requested that APPO circulate the detailed roadmap, implementation timeline, and an update on the financial position, while scheduling a follow-up meeting to track progress. The meeting concluded on a positive note, with all parties renewing their commitment to transparency, genuine collaboration.

The engagement underscores NCDMB’s pivotal role in advancing Africa’s energy agenda through strategic partnerships like the AEB, which aims to mobilize significant financing for oil, gas, and energy projects, addressing historical funding gaps and promoting sustainable development across the continent.