Reps Threaten to Compel BOI Appearance in DFIs Probe

The House of Representatives, on Wednesday, threatened to invoke its constitutional powers to compel the appearance of the Bank of Industry (BOI) following its failure to honour its invitation.

House Ad-hoc Committee investigating the operations, funding sources, and performance of Development Finance Institutions (DFIs) issued the threat after BOI neither appeared at the committee’s inaugural investigative hearing at the National Assembly nor submitted the documents earlier requested by the panel.

However, 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 presentations based on prior submissions to the committee.

The committee chaired by
Mark Chidi Obetta directed NADF to provide additional documentation, particularly comprehensive details of loans and interventions extended to farmers affected by the ginger blight disease outbreak, which significantly disrupted ginger production in parts of the country.

Lawmakers stressed the need to understand the scale of financial support provided and the outcomes of such interventions.

The NCGC, which informed the panel that it is a newly established institution that has only recently commenced operations, was asked to return with more detailed documentation outlining its statutory mandate, governance structure, operational model, funding sources, and emerging programmes.

Also, NIRSAL was directed to make fresh and more detailed 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 what lawmakers described as multiple communications and formal invitations.

Following a motion moved by Hon. Femi Bamisile, the committee resolved to issue a firm directive compelling the bank 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.

Speaking earlier in his opening remarks, chairman of the Committee, Obetta explained that the investigation is focused on strengthening transparency, accountability, and efficiency in the management of public intervention funds.

According to him, the committee’s mandate is to examine how intervention funds and other public resources allocated to DFIs have been utilised, identify beneficiaries, and assess the measurable impact of such interventions on Nigeria’s economic development.

“Development finance institutions play a critical role in supporting strategic sectors of the economy, facilitating access to finance, and promoting inclusive growth,” Obetta stated.

“However, where public funds are involved, there must be transparency, accountability, and measurable outcomes. The committee intends to carefully examine the flow of funds, the processes of disbursement, the performance of funded projects, and the recovery of loans where applicable.

“Our goal is not adversarial. It is to ensure that public resources deployed for development purposes deliver the intended impact for the Nigerian people.”