Lawmakers warn BOI after missing investigative hearing
The House of Representatives Ad-hoc Committee has threatened to compel the Bank of Industry to appear before it after the bank failed to attend an investigative hearing. The committee is probing the operations and impact of Development Finance Institutions in Nigeria. Mark Obetta, the committee chairman, emphasized the need for transparency and accountability in the management of public intervention funds. Several other institutions made presentations, but the BOI did not submit documents or send representatives.
What we know
- The Bank of Industry did not attend the committee’s maiden investigative hearing or submit requested documents.
- The committee warned that continued non-compliance could result in a warrant of arrest for BOI officials.
- Presentations were made by the National Agricultural Development Fund, Nigerian Credit Guarantee Company, and NIRSAL, with requests for more detailed documentation.
- The investigation aims to assess how intervention funds have been used and whether they have achieved their objectives.
- The Central Bank of Nigeria and other development finance institutions are expected at the next committee sitting.
