An ad hoc committee was established by the House of Representatives on Wednesday to look at the funding, performance, and operations of Development Finance Institutions (DFIs) in Nigeria during the previous seven years. In his first speech, the committee’s chairman, Hon. Chidi Mark Obetta, stated that growing concerns regarding the efficacy, accountability, and transparency of DFIs like the Bank of Industry (BOI), Bank of Agriculture (BOA), Nigeria Export-Import Bank (NEXIM), Development Bank of Nigeria (DBN), NIRSAL, and the Infrastructure Bank made the investigation necessary.Preliminary data, according to Obetta, indicate that approximately N12 trillion has been invested in the institutions over the past seven years through donor money, budgetary allocations, concessional loans, and government capital infusions. Obetta stated that the committee would require audited, itemized intake and utilization statistics from each DFI. “This figure is indicative and will be subject to verification.”
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