Lawmakers complained that BOI failed to submit the required documents or attend the hearing despite multiple communications and formal invitations
The House of Representatives ad-hoc committee probing the operations, funding, 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 attend the committee’s inaugural hearing.
The warning came Wednesday after BOI neither appeared at the session held at the National Assembly nor submitted the requested documents in advance.
At the hearing, three other 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) — presented reports based on prior submissions.
Committee members, led by Rep. Mark Chidi Obetta, scrutinised their programmes, funding structures, intervention strategies, and performance records from 2018 to date.
The exercise is part of the House’s broader oversight responsibility to evaluate how development finance interventions have been implemented and assess their impact on key sectors of the Nigerian economy.
During the session, NADF was directed to provide additional documentation, particularly detailing loans and interventions extended to farmers affected by the ginger blight outbreak, which significantly disrupted production in some regions.
Lawmakers emphasised the need to understand the scale and outcomes of such support.
The NCGC, a newly established institution, was asked to submit more detailed documentation on its statutory mandate, governance structure, operational model, funding sources, and emerging programmes. Similarly, NIRSAL was instructed to provide updated submissions covering its interventions, beneficiary data, funding volumes, and performance metrics.
In contrast, BOI failed to submit the required documents or attend the hearing despite multiple communications and formal invitations. Following a motion by Rep. Femi Bamisile, the committee resolved to issue a firm directive compelling the bank to submit the reports and appear at the next session.
Continued non-compliance could lead to a warrant of arrest to enforce attendance, in line with the House’s constitutional oversight powers.
The Chairman Rep. Obetta said the investigation aims to strengthen transparency, accountability, and efficiency in the management of public intervention funds. “Development finance institutions play a critical role in supporting strategic sectors, facilitating access to finance, and promoting inclusive growth. Where public funds are involved, there must be transparency, accountability, and measurable outcomes,” he said.
Obetta stressed that the committee’s review would cover fund disbursement, project performance, and loan recovery, noting that the goal is to ensure public resources deliver their intended impact rather than to be adversarial.
The Central Bank of Nigeria and other relevant DFIs are expected to appear before the committee at the next hearing as the investigation continues.
