The House of Representatives’ Ad-hoc Committee investigating Development Finance Institutions (DFIs) has issued a stern warning to the Bank of Industry (BOI) after the bank failed to attend a scheduled hearing and submit requested documents. The committee threatened to invoke its constitutional powers to compel the bank’s attendance if it continues to disregard formal invitations.
The warning followed BOI’s absence from the committee’s maiden sitting at the National Assembly Complex in Abuja on Wednesday. Despite multiple official communications and repeated invitations, the bank neither appeared nor submitted the required documentation for scrutiny.
This investigation is part of the House’s resolution to probe the operations, funding sources, and performance of DFIs in Nigeria. The probe was triggered by concerns over the management of intervention funds, loan disbursements, and the real impact these institutions are having on the country’s economic sectors.
The committee is tasked with evaluating how public resources allocated to DFIs are being utilized, identifying beneficiaries, and assessing whether these interventions have achieved their intended outcomes. On Wednesday, three institutions—the National Agricultural Development Fund, the Nigerian Credit Guarantee Company, and NIRSAL—presented their cases, offering insights into their operations and funding.
However, the BOI’s failure to provide requested documents or send representatives to the hearing has raised alarms. After a motion by committee member Mr. Femi Bamisile, the panel resolved to issue a firm directive demanding that the BOI submit all necessary reports and appear at the next sitting. The committee warned that continued non-compliance could result in a warrant for the bank’s arrest to enforce attendance.
Chairing the session, Mark Obetta, the committee’s chairman, clarified that the investigation’s goal was to ensure transparency, accountability, and efficiency in the management of public funds. “Our mandate is to ensure that public intervention funds and resources allocated to DFIs deliver tangible results for the Nigerian people,” Obetta said.
While the committee remains committed to fostering transparency, it stressed that any failure to comply with the investigation’s demands would not be tolerated, as DFIs play a pivotal role in Nigeria’s economic growth.
The next session will see the Central Bank of Nigeria (CBN) and other relevant DFIs make their submissions as the investigation continues.
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