Reps threaten to get BOI MD arrested over failure to appear before committee

An ad hoc committee of the House of Representatives has threatened to issue an arrest warrant on the managing director of Bank of Industry (BOI), Olasupo Olusi, following his failure to appear before it to account for the performance of funds in the bank.

The committee, which is investigating the operations, funding sources, and performance of Development Finance Institutions (DFIs), at a public hearing on Wednesday in Abuja, threatened to invoke its constitutional powers to compel the managing director’s appearance.

In his ruling, the chairman of the committee, Rep. Mark Obetta (LP-Enugu), said that the hearing was to scrutinise programmes, funding frameworks, intervention strategies, and performance records of relevant agencies from 2018 till date.

According to him, the exercise forms part of the broader oversight responsibility to assess how development finance interventions have been implemented and to determine their measurable impacts on key sectors of the Nigerian economy.

He, however, frowned at the absence of the BOI managing director at the hearing, saying that disrespect for the parliament would not be tolerated.

Mr Obetta said that the bank did not only fail to appear, it also failed to submit the required documentation to the committee despite multiple communications and formal invitations.

“It is the resolve of this committee to issue a firm directive compelling the bank to urgently submit the requested documents and appear at the next hearing.

“Continued non-compliance could result in the issuance of a warrant of arrest to enforce attendance, in line with the constitutional oversight powers of the House of Representatives,” he said.

The institutions represented at the hearing included: National Agricultural Development Fund (NADF), Nigerian Credit Guarantee Company (NCGC), and Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

The lawmakers requested comprehensive details of loans and interventions extended to farmers affected by the ginger blight disease outbreak, which significantly disrupted ginger production in parts of the country.

The panel also asked NCGC to provide more detailed documentation outlining its statutory mandate, governance structure, operational model, funding sources, and emerging programmes.

Similarly, the lawmakers directed NIRSAL to make fresh and more detailed submissions covering its interventions within the period under review, including beneficiaries’ data, funding volumes, and performance metrics.