General News
Reps launches probe into N12trn DFIs investments
By Saint Mugaga
The House of Representatives has launched an investigation into the management of N12 trillion injected into Nigeria’s Development Finance Institutions (DFIs) in the past seven years.
This was as it inaugurated an Ad-Hoc Committee to investigate the operations, funding, and performance of the DFIs amid growing concerns over the management of the sum.
Speaking at the inauguration on Wednesday, Chairman of the Committee, Hon. Chidi Mark Obetta, said the investigation would take a deep and objective look into how public funds meant to drive industrialisation, agricultural development, small and medium enterprise empowerment, and infrastructural growth have been utilised by the DFIs.
Obetta disclosed that preliminary public reports and sector commentaries suggest that inflows into Nigeria’s DFIs over the last seven years, including government capital injections, budgetary appropriations, bond issuances, concessional loans, and donor funding, are in excess of N12 trillion.
He stressed that this figure remains indicative and subject to verification, adding that the committee would request audited and itemised inflow and utilisation data from each DFI during the course of its investigation.
He said the committee’s work was a response to rising public concern over the transparency, impact, and accountability of the institutions which were established to bridge financing gaps not covered by commercial banks and to serve as engines of inclusive development.
Hon. Obetta expressed gratitude to the Speaker and the leadership of the House for constituting the committee and entrusting it with a responsibility he described as central to the nation’s economic stability and progress. He said the House’s action reflected its commitment to ensuring that institutions created to drive national development truly deliver on their mandates.
He noted that Development Finance Institutions such as the Bank of Industry, Bank of Agriculture, Nigeria Export-Import Bank, Infrastructure Bank, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, and the Development Bank of Nigeria, among others, have been pivotal to the country’s economic strategy.
However, he said their activities in recent years have raised questions regarding their effectiveness, accountability, and the true impact of their interventions on the economy.
According to him, the committee’s mandate is to carry out a comprehensive examination of the operations, funding mechanisms, and performance of the DFIs to determine how effectively they have fulfilled their mandates and how their resources have been applied.
He said the committee would seek to understand whether the funds allocated to the institutions have been properly managed and whether they have reached the businesses, sectors, and communities they were meant to support.
Obetta explained that the investigation would also look into the measurable outcomes of the DFIs’ interventions, such as the number of jobs created, industries strengthened, exports expanded, and livelihoods improved.
Equally important, he said, would be an assessment of the systems in place for loan recovery and the recycling of funds to ensure that public resources continue to revolve for productive use rather than becoming stranded.
He emphasised that the investigation was not a punitive action or a witch-hunt but a fact-finding and reform-driven process aimed at strengthening the institutional capacity, efficiency, and integrity of the DFIs so that they can better serve the Nigerian people.
The committee, he said, would adopt an open, transparent, and evidence-based approach and would engage extensively with key stakeholders, including the management of the various DFIs, the Central Bank of Nigeria, the Federal Ministry of Finance, Budget and National Planning, relevant development partners, industry experts, and beneficiaries of DFI interventions.
Hon. Obetta pledged that the committee would be guided by objectivity, diligence, fairness, and patriotism in carrying out its work. He assured that every recommendation emerging from the investigation would be practical and implementable, designed to bring about real change in the way Nigeria’s DFIs operate.
He described the assignment as a national duty that requires collective wisdom, discipline, and cooperation, noting that Nigerians are looking to the House not only to expose inefficiencies but also to propose reforms that will reposition the DFIs as genuine catalysts for inclusive and sustainable development.
He called for their partnership, cooperation, and honesty as the committee begins its work, stressing that the collective goal is to ensure that Nigeria’s Development Finance Institutions become truly effective instruments for inclusive growth, poverty reduction, and sustainable national development.
“Together, let us work to ensure that our Development Finance Institutions become truly effective instruments for inclusive growth, poverty reduction, and sustainable national development. They must become models of transparency, efficiency, and impact—institutions that truly empower Nigerians and help lay the foundation for a stronger, more resilient economy,” Obetta said.
The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, expressed concern over the poor performance of Nigeria’s Development Finance Institutions (DFIs), lamenting that many of them have failed to achieve the objectives for which they were established despite receiving trillions of naira in public funds.
Abbas, who was represented at the inauguration by the Deputy House Leader, Hon. Halims Abdullahi, said it had become clear that the DFIs have not significantly improved Nigeria’s Multidimensional Poverty Index, and their impact on the performance of small and medium enterprises “leaves much to be desired.”
According to him, these institutions, which were meant to fill the financing gaps left by commercial banks, have instead been bogged down by lack of transparency, political interference, and an unwillingness to innovate or take on more risk-driven ventures.
“In a period when economic reforms are being pursued to ensure more inclusive and shared growth, the inadequacies of these development finance institutions have become untenable,” Abbas said. “That is why this review is both timely and necessary.”
The Speaker said the House set up the Ad-Hoc Committee to conduct a detailed and objective review of the DFIs’ operations, funding, and performance over the past seven years.
He said the investigation is expected to clarify how these institutions function, how they utilise public funds, and whether they have delivered on their core mandates of stimulating growth in key sectors such as agriculture, manufacturing, exports, and small businesses.
The Speaker stressed that given the critical role DFIs play in national development, all public funds allocated to them must be managed with discipline, transparency, and a clear sense of purpose.
He warned that the House would no longer support future budgetary allocations to any institution that fails to show proof of responsible financial conduct, sound risk management, and measurable economic impact.
“The era of funding without clear justification, public benefit, or performance evaluation must come to an end. This committee must insist that every development finance institution operating with public funds demonstrates measurable results that directly support national economic growth, job creation, and enterprise development. Any institution that cannot justify its allocation through verifiable outcomes will be subject to legislative intervention,” he said.
He also noted that public financing intended for development must be accessible to the productive sectors and citizens it was created to serve, warning against the diversion of funds to questionable ventures or their entrapment in bureaucratic bottlenecks. “This investigation will ensure that funding frameworks are transparent, fair, and structured to reach productive sectors rather than support dubious ventures or remain trapped in bureaucracy,” he said.
He said the findings of this investigation will help the House improve the performance of development finance institutions and expand their impact on the national economy.
The Central Bank of Nigeria (CBN) 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 a Director, Ibrahim Hassan, he said the committee’s work comes at a crucial time in Nigeria’s economic development and expressed optimism that its findings would help reposition the DFIs to deliver greater impact in line with their founding mandates.
He explained that the Central Bank of Nigeria is responsible for the regulation and supervision of the nation’s development finance institutions, including the Bank of Industry (BOI), Bank of Agriculture (BOA), Nigeria Export-Import Bank (NEXIM), Federal Mortgage Bank of Nigeria (FMBN), Infrastructure Bank, Development Bank of Nigeria (DBN), and the Nigeria Mortgage Refinance Company (NMRC).
According to him, the CBN conducts routine examinations of these institutions to ensure that they comply with laid down prudential standards and maintain sound financial conditions.
The supervision, he said, focuses on key indicators such as capital adequacy, asset quality, management efficiency, liquidity, and the level of non-performing loans, among others, in order to safeguard their stability and effectiveness.
Hassan commended the House of Representatives for setting up the Ad-Hoc Committee, noting that the decision reflects the National Assembly’s commitment to ensuring that development finance institutions fulfil their mandates of promoting inclusive economic growth.
He assured the lawmakers that the CBN would offer every necessary technical and institutional support to enable the committee carry out its work effectively and produce outcomes that would strengthen the development finance system.
The Managing Director of the Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello, expressed strong support for the investigation, describing it as timely and essential to repositioning the institutions for economic growth.
He noted that Nigeria’s economy is currently at a crossroads, making it imperative for the country’s development finance institutions to deliver on their mandates more effectively.
According to him, DFIs such as NEXIM Bank are meant to serve as engines that power growth, create jobs, and expand economic opportunities across sectors.
“I am very pleased that this assignment has been given to this committee by the House of Representatives,” Bello said. “The DFIs in Nigeria should be the engines that will propel the growth of the economy. Nigeria’s economy is at a crossroads now, and the performance and operations of these institutions have become very critical.”
Mr. Bello also emphasized the importance of measuring the performance of DFIs not only by their internal metrics but by their tangible contributions to job creation, industrial expansion, and foreign exchange earnings.
“What matters most is our impact on the economy, the jobs we help create, the industries we support, and the export proceeds we generate for the country,” he added.
He assured the committee that NEXIM Bank would provide all necessary information and documentation required to aid its investigation.
END
By Saint Mugaga
Nigeria’s Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, PhD, CFR on Thursday spearheaded the adoption of a landmark resolution on post-conflict recovery at the 152nd Inter-Parliamentary Union (IPU) Assembly in Istanbul, Turkey, placing global parliaments at the centre of building just and lasting peace.
Serving as co-rapporteur alongside Mr. A. Al-Zu’bi of Jordan and Ms. F. Belhirch of the Netherlands, Kalu, who also sits on the 12-member IPU Steering Committee overseeing the World Trade Organization, presented the draft resolution on “The Role of Parliaments in Establishing Robust Post-Conflict Management Mechanisms and Restoring a Just and Lasting Peace” at the Assembly.
The adoption of the resolution signals growing recognition that sustainable peace requires strong, inclusive, and accountable parliamentary institutions.
The document commits parliaments worldwide to a five-pillar framework for recovery: strengthened institutions, equitable economic reconstruction, social reconciliation, inclusive political life, and sustained international support.
It underscores human security and common security as key principles for achieving just, lasting, and inclusive peace.
The resolution also emphasizes people-centred and preventive approaches that address the root causes of conflict while advancing trust, dignity, and resilience.
Stressing the core of the resolution, Kalu reaffirmed that post-conflict recovery must be nationally led and owned.
He urged parliaments to guide recovery through holistic frameworks that ensure reconstruction strategies, legal reforms, and institutional strengthening are designed and approved via inclusive national processes.
He added that external assistance must align with nationally defined priorities and remain subject to democratic oversight.
Kalu said: “The 152nd Assembly of the Inter-Parliamentary Union urges Parliaments in countries affected by or emerging from conflict to ensure strong national ownership of peace and recovery processes by leading inclusive nationwide consultations, defining priorities through democratic deliberation and legislation, and ensuring that any external support is adapted to local needs, constitutional frameworks and international human rights obligations.
“Parliaments responsible for implementing peace agreements are called upon to give full legal effect to their provisions by incorporating them into national legislation, establishing clear implementation requirements, and creating permanent, cross-party mechanisms to regularly review progress. These should include hearings with relevant actors, such as women and youth groups and representatives of affected communities, to coordinate parliamentary follow-up, ensure continuity, identify gaps early, and uphold commitments across political cycles.
“When addressing the legacies of conflict, parliaments are also urged to establish national transitional justice frameworks by adopting legislation that enables truth-seeking processes, victim-centred reparations, and fair and transparent vetting or amnesty procedures, as well as effective cooperation with national and international accountability mechanisms. This ensures that justice, recognition of past harms and institutional reform form an integral part of sustainable peace.”
Beyond that, the resolution charges parliaments in countries affected by or emerging from conflict to lead inclusive nationwide consultations and ensure external support adapts to local needs, constitutional frameworks, and international human rights obligations.
Through the IPU resolution, Kalu also urged parliaments to establish national transitional justice frameworks that enable truth-seeking processes, victim-centred reparations, and fair vetting or amnesty procedures, while encouraging the use of human security approaches in legislative, oversight, budgetary, and representation functions.
The document also encourages parliaments to rebalance national and international budgetary priorities in favour of peacebuilding and prevention, prioritize conflict-affected populations in reconstruction and financing, and strengthen transparency and anti-corruption safeguards in recovery funds.
It further charges parliaments to support national and community-level reconciliation through inclusive dialogue and trauma-informed initiatives, promote local dialogue processes that bring together communities and former adversaries, and institutionalize the full, equal, and meaningful participation of women and youth across all peace and dialogue processes in line with UN Security Council resolutions 1325 and 2250.
The resolution also asked parliaments to strengthen inclusive political participation by ensuring all affected communities are represented in legislative deliberations, foster constructive political dialogue through cross-party platforms, and work with governments, regional organizations, the IPU, and the United Nations to strengthen international support and funding for peace agreements.
It likewise proposes that parliaments consider lawful mechanisms to facilitate reparations for victims and mobilize resources for reconstruction, including the use of frozen or otherwise immobilized assets where lawful.
The resolution requests that the IPU provide targeted technical assistance to parliaments engaged in post-conflict recovery, including advisory missions, capacity-building, peer-learning, and support in mediation and conflict prevention.
By Wumi Tewogbade, Abuja
Nigeria said it has concluded arrangement to host the 5th high level ministerial meeting on Antimicrobial Resistance (AMR), in Abuja.
This was announced on Wednesday, at the virtual Global Media Briefing organised by Global AMR Media Alliance (GAMA) in Abuja.
The theme for the meeting, “One Health — Advancing Global AMR Commitments through Local Action”, the high level meeting would hold from 28th to 30th June 2026.
According to the Ministerial Global Envoy on AMR, Government of Nigeria, Dr. Ayoade Alakija, delegations from over 100 countries are expected to participate along with Presidents of a few countries, such as, Botswana, Ghana and Nigeria.
Dr. Alakija also disclosed that President of Nigeria, His Excellency, Bola Tinubu, would welcome participants and declare the meeting open.
“The 5th High Level Ministerial Meeting on AMR would be different because not just ministers of health but also ministers of agriculture, environment and finance are being invited to take part to address AMR in all sectors (such as, animal health and livestock, food and agriculture and our environment) – and not just human health,” said Alakija.
“AMR is not just about human health and protecting just our medicines but also about prevention and protecting our animals, plants and our environment. We need to ensure that not only humans are not harmed due to AMR but also our animals, agriculture and food systems and our environment are kept safe so that we all can live in harmony together,” she said.
She noted, “If we invest US$ 1 on AMR, return on investment is US$ 11 – 11 times.
“This upcoming 5th High Level Meeting in Nigeria would focus more on solutions to address the challenge AMR is posing. We also need to ensure AMR response is fully financed including prevention, surveillance, water, sanitation and hygiene. It is strategic investments that our countries and our communities need.
“If we do not have money to fully fund our AMR multisectoral action plans, then how are we going to get the work done? So, we have to involve those who are involved with finances. Media is critical for accountability but also critical for awareness, and keeping the communities we serve involved,” she added.
Alakija cited Abuja Declaration 2001 where African countries committed to invest 15% of their annual budgets on health.
She hopes that the upcoming meeting will also play a historic role in sustainable financing for AMR response.
“Earlier in April 2026, I was at the One Health Summit in Lyons, France, hosted by President of France Mr Emmanuel Macron, where many of the people at the highest level, who were present there, have confirmed their attendance (for upcoming meet in Nigeria),” said Alakija.
She added that Nigeria had been involved with the integrated approach for a while as it was important for all sectors to speak to one another and work in concert with one another:
“AMR has typically been seen often from the lens of high-income countries. We need to address AMR recognising the gaps in all countries and contexts especially low- and middle-income countries – and ways to bridge the gaps in prevention of infectious diseases as well as gaps in stopping misuse and overuse of medicines in food and agriculture sector, animal health sector and environment along with human health sector. AMR commitments like UNGA Political Declaration 2024 needs to be translated into not just actions but local actions which are critical”, the expert said.
Speaking on the severity of AMR, Quadripartite Joint Secretariat on AMR, Dr. Jean Nyemazi stated: “AMR is a big threat and continue to kill many people, especially in LMICs and the Global South.
“AMR is among top 10 global health threats and threatens our animals, food systems, economies and our environment. All Quadripartite agencies are supporting the upcoming high level ministerial meeting on AMR in Nigeria including the World Health Organization (WHO), Food and Agriculture Organization of the United Nations (FAO), United Nations Environment Programme, and World Organisation for Animal Health (WOAH)”.
Dr. Nyemazi added that the task for this upcoming 5th High Level Ministerial Meeting on AMR in Nigeria would be to enabling the acceleration of implementation of multi-sectoral national action plans on AMR, enabled by effective governance at all levels, sustainable investment at all levels, and walk the talk on the theme of One Health for advancing global AMR commitments through local actions.
He reiterated the role of the Media, stating that it was a strategic partner to “inform, connect and hold us accountable”.
“Evidence-based reporting ensures that AMR is visible as a development, equity and sustainability issue, it shapes the public understanding, support, behaviour change, and sustains pressure for measurable progress”, he said.
Dr. Nyemazi pointed out that the 1st and 2nd High Level Ministerial Meetings that took place in 2014 and 2019 had mostly ministers from European regions in attendance.
Now, ministers of over 100 countries were expected to take part in the upcoming meeting in Nigeria and majority comes from the Global South.
“We see the focus changing from health to One Health – which means we are having more representation from ministries of animal health, food and agriculture, and environment along with human health. When we talk about AMR prevention, we are talking about preventing AMR across all the sectors (and not just in human health)”, he said.
Speaking further, Dr. Nyemazi disclosed that one of the targets of Political Declaration adopted at UN General Assembly High Level Meeting 2024 was to reduce AMR deaths by 10% by 2030 (compared to 4.9 million AMR associated deaths recorded in 2019).
“Simple strategies that are cost-effective and impact public health such as washing hands can help. We also need to ensure equitable access to essential antimicrobials. These are few steps governments can do now”, he said.
On her part, Chairperson, Global AMR Media Alliance (GAMA), Shobha Shukla explained that AMR or drug resistance was a problem driven by misuse and overuse of antimicrobial medicines – including antibiotics, antivirals, antiparasitics and antifungals – and results in critical medicines losing effectiveness to treat infections.
Shukla added that as result of drug resistance, medicines become ineffective, and infections become increasingly difficult or impossible to treat:
“All of us are at risk of AMR. But in absence of strong public systems, those in low- and middle-income countries – and especially those who are underserved are at a much-heightened risk of AMR. We have to do better in protecting the medicines that save us.
“We also have to do better in saving lives from preventable infections as well as ensuring right and timely diagnosis and right treatment, care and support for everyone, leaving no one behind.
“Misuse and overuse of medicines is rampant in animal health and livestock, food and agriculture, human health, as well as polluting our environment”, she said.
By Felix Umande from Makurdi
Following the public outcry due to recent spate of attacks on innocent rural dwellers by terrorist herders across Benue State, Governor Hyacinth Alia, has directed security agencies to launch full, coordinated operations to dislodge herder terrorist camps identified in forests across Apa, Otukpo, Gwer-West and other flashpoints in the state.
Specifically, Edikwu-Ankpali, Ikobi and Adija in Apa Local Government Area, as well as Upu village in Otukpo LGA, were attacked with multiple residents killed.
Governor Alia described the renewed wave of violence against innocent communities as “unacceptable and increasingly hydra-headed,” adding that the decisive directive was necessary to halt the bloodshed.
According to the governor, in a statement issued Tuesday, the criminal elements have exploited forested areas as operational bases to launch attacks, and must be flushed out without delay.
He reaffirmed that the protection of lives and property remains the “foremost responsibility” of his administration, and mandated a “sustained, intelligence-driven security crackdown” to neutralise all threats and restore confidence among citizens, particularly in the affected LGAs.
The governor disclosed that the state government is working “in close synergy with federal security agencies” and will not relent until lasting peace is achieved.
He urged residents to remain vigilant, cooperate with operatives on the ground, and provide credible information to aid ongoing operations.
While commiserating with families who lost loved ones in the recent attacks, Alia restated his administration’s resolve to “confront criminality head-on and ensure that Benue State is safe for all.”
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