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.
