Reps begin probe of N12trn disbursements to BOI, others

The House of Representatives has commenced an investigation into the management and utilisation of over ₦12 trillion disbursed to Nigeria’s Development Finance Institutions over the past seven years.

The move followed the inauguration on Wednesday of an ad hoc committee mandated to review the operations, funding, and performance of the DFIs amid growing public concerns over their transparency and effectiveness.

The Chairman of the committee, Chidi Obetta, said the probe would take a comprehensive look at how funds allocated to DFIs—established to drive industrialisation, agriculture, small and medium enterprises, and infrastructure development—have been utilised.

He said preliminary findings indicated that capital injections, budgetary allocations, bond issuances, concessional loans, and donor funds channelled to DFIs in recent years have exceeded ₦12 trillion.

Obetta noted that the figure remains subject to verification, as the committee would demand audited financial records and detailed expenditure statements from each institution.

“The investigation responds to the growing public demand for transparency, accountability, and measurable impact from institutions designed to fill financing gaps not served by commercial banks,” Obetta said.

He identified the key DFIs under scrutiny to include the Bank of Industry, Bank of Agriculture, Nigeria Export-Import Bank, Infrastructure Bank, Development Bank of Nigeria, and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending. (DL/Punch)