The House of Representatives Ad-hoc Committee investigating the operations, funding sources and performance of Development Finance Institutions has threatened to invoke its constitutional powers to compel the appearance of the Bank of Industry following the bank’s failure to honour its invitation, Very Nigerian reports
The warning was issued on Wednesday at the committee’s maiden sitting at the National Assembly Complex, Abuja, after the BOI neither appeared nor transmitted the requested documents despite what lawmakers described as multiple communications and formal invitations.
The investigative hearing follows a recent resolution of the House to probe development finance institutions across the country amid concerns over the management of intervention funds, loan disbursements and the measurable impact of such facilities on the real sector.
Lawmakers constituted the ad-hoc panel to scrutinise how public resources channelled through DFIs have been utilised, identify beneficiaries and determine whether the interventions have achieved their stated objectives.
At the session, the National Agricultural Development Fund, the Nigerian Credit Guarantee Company and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending made presentations based on earlier submissions to the panel.
During the proceedings, the committee directed the National Agricultural Development Fund to provide additional documentation, particularly comprehensive details of loans and interventions extended to farmers affected by the ginger blight disease outbreak, which disrupted ginger production in parts of the country.
Members also sought clarity on the scale of financial support extended to DFIs and the outcomes recorded from such interventions.
The Nigerian Credit Guarantee Company was asked to return with more detailed documentation outlining its statutory mandate, governance structure, operational model, funding sources and emerging programmes.
Similarly, NIRSAL was directed to submit fresh and detailed reports covering its interventions within the period under review, including beneficiary data, funding volumes and performance metrics.
In contrast, the Bank of Industry failed to submit the required documentation or send representatives to the hearing.
Following a motion moved by Mr Femi Bamisile, the committee resolved to issue a firm directive compelling the bank to urgently submit the requested reports and appear at the next sitting. Lawmakers 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.
In his opening remarks, the Chairman of the Committee, Mark Obetta, said the investigation was aimed at strengthening transparency, accountability and efficiency in the management of public intervention funds. He stressed that the mandate of the panel was 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.
He noted that development finance institutions play a critical role in supporting strategic sectors, facilitating access to finance and promoting inclusive growth, but insisted that where public funds are involved, transparency and measurable outcomes must be guaranteed. He added that the goal of the committee was not adversarial but to ensure that public resources deployed for development purposes deliver tangible impact for Nigerians.
The Central Bank of Nigeria and other relevant development finance institutions are expected to appear before the committee at its next adjourned sitting as the investigative hearing continues.
