By Mercy Aikoye
The House of Representatives has launched a probe into the management of N12 trillion injected into Nigeria’s Development Finance Institutions (DFIs) over the past seven years. An Ad-Hoc Committee has been set up to investigate the DFIs’ operations, funding, and performance.
The committee chairman, Hon. Chidi Obetta, said the investigation would examine how public funds meant to drive industrialization, agricultural development, and infrastructural growth were utilized. “The committee’s work is a response to rising public concern over the transparency, impact, and accountability of the institutions,” he said.
Obetta disclosed that preliminary reports suggest inflows into Nigeria’s DFIs over the past seven years are in excess of N12 trillion. The committee would request audited and itemized inflow and utilization data from each DFI during the investigation.
The Speaker of the House,Hon. Tajudeen Abbas, expressed concern over the poor performance of Nigeria’s DFIs, lamenting that many have failed to achieve their objectives despite receiving trillions of naira in public funds.
Abbas said the DFIs have not significantly improved Nigeria’s Multidimensional Poverty Index, and their impact on small and medium enterprises “leaves much to be desired.” He attributed the ineffectiveness to lack of transparency, political interference, and unwillingness to innovate.
The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, pledged full cooperation with the Ad-Hoc Committee. The CBN conducts routine examinations of DFIs to ensure compliance with prudential standards and maintain sound financial conditions.
The Managing Director of the Nigerian Export-Import Bank (NEXIM), Abba Bello, emphasized the importance of measuring DFIs’ performance by their tangible contributions to job creation, industrial expansion, and foreign exchange earnings.
The investigation aims to strengthen the institutional capacity, efficiency, and integrity of the DFIs. The committee would adopt an open, transparent, and evidence-based approach, engaging with key stakeholders, including DFI management, the CBN, and industry experts.
The outcome of the investigation is expected to bring about real change in the way Nigeria’s DFIs operate. The House of Representatives has made it clear that public funds allocated to DFIs must be managed with discipline, transparency, and a clear sense of purpose.
