HoR Vows To Enforce Attendance Of BOI In DFIs Probe
•By Admin
ABUJA — THE House of Representatives Ad-hoc Committee investigating Development Finance Institutions (DFIs) has warned that it will invoke its constitutional powers to compel the Bank of Industry (BOI) to appear, following the bank’s failure to respond to repeated invitations.
The warning came on Wednesday after BOI neither attended the committee’s inaugural investigative hearing at the National Assembly nor submitted the requested documents.
At the session, three other DFIs, the National Agricultural Development Fund (NADF), the Nigerian Credit Guarantee Company (NCGC), and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), were present and made detailed presentations based on prior submissions.
Committee Chairman, Hon. Mark Chidi Obetta, engaged the institutions in extensive deliberations, scrutinising their programmes, funding frameworks, intervention strategies, and performance records from 2018 to date.
“Development finance institutions play a critical role in supporting strategic sectors of the economy, facilitating access to finance, and promoting inclusive growth,” Obetta said.
“However, where public funds are involved, there must be transparency, accountability, and measurable outcomes. Our goal is not adversarial, it is to ensure that resources deployed for development deliver the intended impact for Nigerians.”
During the hearing, NADF was directed to provide additional documentation, particularly on loans and interventions extended to farmers affected by the ginger blight outbreak, which disrupted production in several regions. Lawmakers emphasised the need to assess both the scale of financial support and the outcomes achieved.
The newly operational NCGC was asked to return with comprehensive records detailing its statutory mandate, governance structure, operational model, funding sources, and emerging programmes.
Similarly, NIRSAL was instructed to submit updated and more thorough documentation covering interventions within the period under review, including beneficiary data, funding volumes, and performance metrics. In contrast, BOI failed to appear or provide any of the requested information despite repeated formal invitations.
Following a motion moved by Hon. Femi Bamisile, the committee resolved to issue a firm directive compelling BOI to urgently submit the requested reports and appear at the next hearing.
The panel warned that continued non-compliance could lead to the issuance of a warrant of arrest to enforce attendance, in line with the constitutional oversight powers of the House of Representatives.
“Our investigation is focused on strengthening transparency, accountability, and efficiency in the management of public intervention funds,” Obetta added.
“We intend to carefully examine the flow of funds, the processes of disbursement, the performance of funded projects, and the recovery of loans where applicable.”
The Central Bank of Nigeria and other relevant DFIs are expected to appear before the committee at the next adjourned sitting as the investigative hearing continues.
•INDEPENDENTNG.