The House of Representatives Ad-hoc Committee probing the operations and funding of Development Finance Institutions (DFIs) has warned that it may compel the attendance of the Bank of Industry (BOI) after the bank failed to honour its invitation to appear before it.
The warning followed BOI’s absence at the committee’s inaugural investigative hearing at the National Assembly on Wednesday.
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The lawmakers said the bank neither appeared nor submitted documents earlier requested to aid the probe.
In contrast, 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 submissions based on documents previously forwarded to the panel.
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The committee, chaired by Chidi Obetta (APC, Enugu), subjected the three institutions to detailed scrutiny, examining their mandates, funding sources, intervention frameworks and performance records from 2018 to date.
The investigation forms part of the House’s oversight responsibility to evaluate how development finance interventions have been implemented and whether they have delivered measurable impact across critical sectors of the economy.
During deliberations, the lawmakers directed NADF to provide further documentation, particularly comprehensive records of loans and support extended to farmers affected by the ginger blight outbreak, which disrupted production in several parts of the country.
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Members said the committee requires clarity on the scale of financial assistance and its outcomes.
The NCGC, which informed the panel that it recently commenced operations, was asked to return with detailed documents outlining its legal mandate, governance framework, operational structure, funding model and programme pipeline.
Similarly, NIRSAL was instructed to submit updated and expanded records of its interventions within the review period, including data on beneficiaries, disbursement volumes and performance indicators.
However, the absence of BOI drew sharp reactions from members, who described the bank’s failure to appear or file the required documents as unacceptable, particularly in view of what they said were repeated communications and formal invitations.
In a motion moved by Femi Bamisile (APC, Ekiti), the committee resolved to issue a directive compelling the bank to submit all outstanding reports and appear at the next sitting.
The lawmakers cautioned that continued non-compliance could lead to the invocation of the House’s constitutional powers, including the issuance of a warrant of arrest to enforce attendance.
Earlier in his opening remarks, Mr Obetta stressed that the probe is not intended to witch-hunt any institution but to strengthen transparency and accountability in the management of public intervention funds.
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He said the panel is mandated to trace the flow of public resources allocated to DFIs, identify beneficiaries, assess the performance of funded projects and review loan recovery processes where applicable.
“Development finance institutions are critical to supporting strategic sectors, expanding access to finance and promoting inclusive growth,” he said.
“Where public funds are involved, there must be transparency, accountability and measurable outcomes. Our goal is to ensure that resources deployed for development achieve real impact for Nigerians.”
The Central Bank of Nigeria and other relevant institutions are expected to appear before the committee at its next adjourned sitting as the investigative hearing continues.
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