House Launches Investigation Into DFIs’ Management Of ₦12 tr

The House of Representatives has launched an investigation into the management of ₦12 trillion allocated to the country’s Development Finance Institutions (DFIs) over the past seven years.

Consequently, the House inaugurated an ad hoc committee to examine the operations, funding, and performance of the institutions, which include the Bank of Industry, Bank of Agriculture, and the Nigeria Export-Import Bank.

Speaking at the inauguration in Abuja, Committee Chairman Chidi Obetta said the probe will review how the funds intended to support industrialisation, agriculture, small businesses, and infrastructure have been utilised.

According to him, preliminary findings suggest that inflows from government injections, loans, bond issuances, and donor support exceed ₦12 trillion.

“The committee will request audited financial statements and other records from each DFI to determine whether the resources reached intended beneficiaries.

Obetta said the investigation is not punitive but aims to improve transparency, accountability, and efficiency in the institutions.

In his remarks, Speaker, Dr. Abbas Tajudeen, represented by Deputy House Leader Halims Abdullahi, said many DFIs have failed to achieve their objectives despite massive public funding.

He further warned that future allocations would depend on verifiable results and measurable impact on national development.

Meanwhile, Central Bank of Nigeria’s Governor, Yemi Cardoso pledged full cooperation with the ad hoc committee, saying the bank will provide every necessary support to ensure the success of the probe.

Represented by Director Ibrahim Hassan, Cardoso said routine examinations cover capital adequacy, asset quality, management efficiency, liquidity, and levels of non-performing loans.

Additionally, the bank will provide technical and institutional support to ensure the investigation is thorough.

Managing Director of the Nigeria Export-Import Bank, NEXIM, Abba Bello, welcomed the probe, describing it as “timely and essential” for repositioning DFIs to drive economic growth.

Oduyemi Odumade, Edited By Grace Namiji