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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.
News
Human Trafficking: Remi Tinubu calls for vigilance, support for survivors
The First Lady, Oluremi Tinubu, on Thursday called on Nigerians to be more vigilant in the protection of vulnerable persons from human trafficking and traffickers.
Tinubu, in a statement she personally signed as part of the celebration of the “World Day Against Trafficking in Persons”, appealed to the global community to strengthen commitment to ending human trafficking in all its forms and protecting the dignity, freedom, and rights of every individual.
She noted that this year’s theme, “Trapped Behind the Scam,” draws attention to the growing threat of human trafficking.
Human trafficking now forms part of modern-day slavery, which is usually perpetrated through online scams, forced criminality, and transnational organised crime.
According to her, the theme also highlights the need to increase public awareness, prevention, enforcement of our laws, and support for survivors.
“Let us remain vigilant, protect the vulnerable, and ensure that no one falls victim to exploitation. Through collective action, we can build a safer society where every person can live in freedom, dignity, and hope.
“We say “No” to human trafficking today”
Also as part of the International Day of Friendship, the First Lady also drew global attention to the power of friendship to unite people, strengthen communities, foster peace, understanding, and mutual respect.
She noted that no matter how far technology advances, man was never created to be alone, adding that ” As we become more connected digitally, human isolation is increasing by the day. We are emotional beings, and we should never underestimate the power of genuine human connection.
“Friendship reminds us to be our brother’s keeper, to show kindness, and to reject unhealthy behaviours that divide us. A simple act of kindness can heal a broken heart and help in making our world a better place”.
She therefore charged Nigerians to ” Go out there, give someone a smile, reach out with compassion, and be a friend”.
News
Oriire: Makinde sets up judicial panel to probe children, teachers’ abduction
Governor Seyi Makinde of Oyo State has set up a Judicial Commission of Inquiry to investigate the abduction of pupils and teachers from Esinele and Yawota communities in Oriire Local Government Area.
Dotun Oyelade, the Commissioner for Information and Civic Orientation, made this known in a statement on Thursday in Ibadan.
Mr Oyelade said that the commission was expected to determine the circumstances surrounding the abduction and identify the factors that led to the security breach.
He said that the panel, which would be inaugurated on Friday, was also tasked with making recommendations to prevent a recurrence.
“The commission will examine the events leading to the kidnapping, assess the response of relevant authorities, and recommend measures to improve security and safeguard schools and communities across the state,” Mr Oyelade said.
He further explained that the setting up of the panel was in line with the governor’s commitment to ensuring a thorough and independent investigation into the incident.
The abduction occurred on May 15, while the abducted pupils and teachers were rescued after 56 days in captivity.
(NAN)
News
‘Security threats record sixfold rise in Nigeria, others in two years’
The United States has warned that Nigeria and other African countries are facing a more than sixfold rise in security threats in the last two years, citing a dramatic surge in illegal narcotics trafficking and human trafficking on the continent.
This is even as it listed Nigeria, Kenya and Côte d’Ivoire as key partners for its new technical assistance programme for bankable infrastructure in Africa, which would help the countries develop projects that attract U.S. participation.
Brigadier General Paul G. Filcek, Director of Logistics at U.S. AFRICOM, disclosed this during a digital press conference with African journalists on the ongoing 2026 Africa Logistics and Communications Symposium, co-hosted with the Ethiopian Ministry of Defence.
The 4-day symposium brought together delegates from 39 African nations and 27 private-sector partners under the theme “Forging Partnerships, Driving Innovation, and Enhancing Collective Readiness”.
“Across the African continent, we face growing and converging threats on our mutual security, safety and prosperity, human trafficking and a dramatic rise in illegal narcotics trafficking, now more than six times what it was just two years ago,” Gen. Filcek said.
He stressed that defeating the threats would require cooperation, coordination, reliable and effective communications as well as the ability to move personnel, equipment and supplies quickly across difficult terrain, often over great distances and challenging conditions.
For the first time, the symposium deliberately combined logistics and communications into a single conference, which Flicek described as a decisive edge in modern military operations.
Also speaking, U.S. Deputy Assistant Secretary of Commerce for Middle East and Africa, Mark Mitchell, disclosed that the Departments of Commerce and State were working together on a project termed Technical Assistance for Bankable Infrastructure in Africa that supports African governments to develop bankable projects that can attract U.S. participation and deliver local value. “It’s a model designed to empower African partners rather than create dependency,” he said.
He cited U.S. investment partnerships with Nigeria, Kenya and Cote d’Ivoire as examples of Washington’s commitment to open, competitive and transparent markets that protect sovereignty and unlock innovation.
“Our work on commercial diplomacy, data governance and investment partnerships with countries such as Kenya, Nigeria and Cote d’Ivoire reflect a commitment to fair regulatory environments that unlock innovation and protect sovereignty,” he said.
On what sets the U.S. apart from other global partners, Mitchell said Washington brings high-quality finance, trusted standards, risk mitigation tools that help move projects from concept to bankable reality.
He added that the U.S. partnership was rooted in long-term, enterprise-driven, not one-off transactions, with U.S. companies bringing world-class technology in logistics and communications that could help African nations build the security and stability needed for growth.
Mitchell also highlighted the Strategic Infrastructure Investment Working Group launched earlier this year by the U.S. State Department and the African Union, adding that the Department of Commerce was well-positioned to support it.
Addressing questions on technology, Mitchell said Artificial Intelligence could transform African logistics through route optimisation, predictive fleet maintenance and faster customs processing.
He stressed that real AI sovereignty for African countries means “owning and using best-in-class technology for the benefit of your people and nation,” rather than trying to build entire systems in isolation.
“Keep your data yours. American companies can build large, independent AI infrastructure with secure and robust supply chains that minimise backdoor risk, plus cryptographically protect confidentiality, and world-leading security to keep sensitive logistics and trade data within your borders and under your control,” he said.
Gen. Filcek said U.S. AFRICOM was assessing partner readiness through its A3I programme, which provides targeted military engagement to address urgent operational needs and expand capacity for independence and regional interoperability.
“The most significant advances will come through the acceleration of modular expeditionary capabilities… Investments in local supply chains, infrastructure and secure trade corridors will provide the most profound impact,” he added.
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