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By Tracy Moses
The House of Representatives Ad-hoc Committee investigating the operations, funding sources, and performance of Development Finance Institutions (DFIs) has threatened to invoke its constitutional powers to compel the appearance of the Bank of Industry (BOI) following the bank’s failure to honour its invitation.
The warning came on Wednesday after BOI neither appeared at the committee’s inaugural investigative hearing at the National Assembly nor submitted the requested documents.
At the session, three institutions, 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 to the committee.
Chairman of the committee, 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 public resources deployed for development purposes deliver the intended impact for the Nigerian people.”
During the session, the committee directed NADF to provide additional documentation, particularly on loans and interventions extended to farmers affected by the ginger blight disease outbreak, which disrupted production in parts of the country. Lawmakers stressed the importance of understanding both the scale of financial support provided and the outcomes of these interventions.
The NCGC, a newly established institution that recently commenced operations, was asked to return with detailed documentation outlining its statutory mandate, governance structure, operational model, funding sources, and emerging programmes.
Similarly, NIRSAL was directed to make fresh and more comprehensive submissions covering its interventions within the period under review, including beneficiary data, funding volumes, and performance metrics.
In contrast, the BOI failed to submit the required documentation or appear before the committee despite repeated communications and 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 result in 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 development finance institutions are expected to appear before the committee at the next adjourned sitting as the investigative hearing continues.