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Reps Probe Development Finance Institutions, Threatens to Compel BOI Over Absence
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By Gloria Ikibah
The House of Representatives Ad-hoc Committee investigating the Operations, Funding Sources and Overall Performance of Development Finance Institutions (DFIs) has moved to compel the appearance of the Bank of Industry (BOI) after the bank failed to honour an invitation to appear before it.
The warning was issued when BOI neither showed up at the committee’s inaugural investigative hearing nor submitted documents earlier requested by the panel on Wednesday, at the National Assembly.
At the session, three institutions — the National Agricultural Development Fund (NADF), Nigerian Credit Guarantee Company (NCGC), and Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), were present and made detailed presentations based on prior submissions.
Members of the committee, led by Rep. Mark Chidi Obetta, subjected the agencies to extensive scrutiny, examining their funding structures, intervention programmes, operational frameworks and performance records dating back to 2018. The exercise forms part of the House’s broader oversight responsibility to assess how development finance interventions have been implemented and to determine their measurable impact on critical sectors of the economy.
During the deliberations, the committee directed NADF to submit additional documentation, particularly comprehensive details of loans and interventions provided to farmers affected by the ginger blight disease outbreak, which severely disrupted production in parts of the country. Lawmakers said they needed clearer data on the scale of financial support extended and the outcomes achieved.
The Nigerian Credit Guarantee Company, which indicated that it had 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.
NIRSAL was similarly instructed to make fresh and more detailed submissions covering its interventions within the review period, including beneficiary figures, funding volumes and performance metrics.
In sharp contrast, the Bank of Industry neither appeared nor submitted the required documentation, despite what the committee described as repeated communications and formal invitations.
Following a motion moved by Rep. Femi Bamisile, the committee resolved to issue a firm directive compelling the bank to submit all requested reports and appear at the next hearing. Lawmakers warned that continued failure to comply could lead to the issuance of a warrant of arrest to enforce attendance, in line with the constitutional oversight powers of the House of Representatives.
Earlier, in his opening remarks, Chairman of the Committee, Rep. Obetta, explained that the investigation is aimed at strengthening transparency, accountability and efficiency in the management of public intervention funds.
He noted that 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.
He said: “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.”
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.
Yaya Bauchi Tongo, a member of House of Representatives representing Gombe/Kwami/Funakaye Federal Constituency of Gombe State is dead.
Rep Tongo died in Abuja on Friday following a brief illness, the spokesperson for the House of Representatives, Akintude Rotimi said in a statement quoting the Gombe State Caucus of the House of Representatives.
While paying tribute to the late lawmaker, Rotimi said his death marked the end of a distinguished life devoted to public service and the advancement of his constituents, Gombe State, and the Federal Republic of Nigeria.
“Rep. Tongo was a dedicated public servant, seasoned grassroots politician, and committed legislator whose life was marked by unwavering service to his people and the nation,” Rotimi said.
The deceased lawmaker served as Chairman of Funakaye Local Government Area, Special Adviser to the Government of Gombe State, and Member of the Gombe State House of Assembly before his election into House of Representatives.
He was Chairman of the Nigeria–United Arab Emirates Parliamentary Friendship Group in the House of Representatives.
“A respected voice within the Parliament and a passionate advocate for the welfare and development of his constituents, Hon. Tongo brought wisdom, experience, and a deep understanding of governance to legislative deliberations. His contributions to nation-building and democratic development will remain an enduring part of his legacy.
“On behalf of the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD, GCON, the leadership, and the entire membership of the House, we extend our heartfelt condolences to his immediate family, the people of Gombe/Kwami/Funakaye Federal Constituency, and the Government and people of Gombe State on this painful loss.
“As we mourn the passing of our dear colleague, we pray that Almighty Allah (SWT) forgives his shortcomings, accepts his good deeds, and grants him Aljannatul Firdaus. We also pray that Allah (SWT) grants his family, loved ones, constituents, and colleagues the strength and fortitude to bear this irreparable loss,” Rotimi said.
He added that further details regarding parliamentary tributes and funeral arrangements will be communicated in due course.
A member of the House of Representatives from Kaduna North and Chairman, Committee on Banking Regulations, Mohammed Bello El-Rufai, has disclosed that his father, Nasir El-Rufai’s continued detention shows that Nigeria’s democratic journey is far from complete.
Bello noted that democracy can only thrive in Nigeria when the country’s leadership is accountable.
El-Rufai has been in custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, since he was arrested at the Abuja airport earlier in the year.
The commission had arraigned him for corruption while he was governor of Kaduna State.
However, posting on X, Bello wrote: “Today, we celebrate the enduring strength of our democracy and the collective voice of the Nigerian people. Democracy thrives when leadership is accountable, citizens are empowered, and every voice is heard.
“As we commemorate this important day, we must also acknowledge that while our democracy continues to endure, the abuse of citizens’ rights remains a troubling reality.
“The true test of any democracy is not simply the conduct of elections, but its commitment to the rule of law, due process, and the protection of fundamental freedoms.
“The continued unlawful detention of my father, Mallam Nasir El-Rufai, alongside the experiences of many other Nigerians who have faced similar violations, serves as a reminder that our democratic journey is far from complete.
“On this Democracy Day, let us recommit ourselves to building a nation where justice prevails, institutions are strengthened, and the rights of every citizen are respected and protected.”
The National Leader of the Nigerian Democratic Congress, NDC, Senator Seriake Dickson, on Friday held a closed-door meeting with the party’s presidential candidate, Peter Obi, amid recent crises in the party.
Dickson made this known in a statement on his official X handle, revealing that the meeting, which lasted nearly three hours, was attended by Obi and other senior party leaders.
“I just received my brother, colleague, and partner in the New Nigerian Project, His Excellency Mr Peter Gregory Obi, CON, our presidential candidate, who, together with some distinguished leaders of our party, held a closed-door meeting which lasted about three hours.
“In the course of that meeting, we reviewed the activities of our party and discussed a few recent issues that have been a source of concern to all sides, and we amicably resolved all the issues.
“We have always been on the same page on the bigger picture, i.e., winning the elections for all candidates of our party and rescuing Nigeria from the misgovernance of the APC-led government. However, a few issues have arisen, and we have agreed on how to handle them moving forward.
“I want to use this opportunity again to call on all members of our party to stop the bickering and name-calling and focus on the bigger picture.
“Both His Excellency Peter Obi and I, as well as other leaders and stakeholders of our party, will continue to consult and engage with one another to address and resolve concerns, strengthen the unity and cohesion of our party, and ensure that we remain focused on our shared mission of rescuing Nigeria and building a better future for all.”
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