In a significant development, the House of Representatives Ad Hoc Committee investigating the non-remittance of funds to the National Housing Fund (NHF) and the utilization of funds dating back to 2011 has issued stern warnings to chief executive officers (CEOs) who have failed to cooperate with its inquiry. The committee has put these CEOs at risk of being subpoenaed if they continue to shun its summons.
The committee has set a deadline, giving defaulting banks until next Thursday to appear before it with all the requisite information. Moreover, the committee has emphasized that the Accountant General of the Federation, Dr. Oluwatoyin Madein, and the acting governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, must appear in person before the panel on the same day.
Musa Bagos, the Chairman of the ad hoc committee, expressed his dissatisfaction with the behavior of CEOs who frequently provide excuses, such as being out of the country, when invited to testify before the parliament. Bagos made it clear that while the committee is committed to providing a fair hearing to all stakeholders, it will not hesitate to use legal provisions against anyone attempting to undermine its authority or hinder the ongoing investigation.
Bagos stated, “We will not tolerate a situation whereby CEOs shy away from coming up to give evidence. Each time all the CEOs claim they have travelled abroad. We insist on having the Accountant General of the Federation and the acting governor of the CBN appear before this Honourable committee unfailingly next Thursday at 11 am. We are not going to entertain their representatives.”
During Thursday’s session, the director of banking supervision, Mr. Haruna Mustapha, representing the CBN governor, was asked to return until the governor appears in person. The committee also rejected hearing evidence from Mr. Emma Deko, the director of IPPIS, who represented the AGF, insisting that she must appear before the committee in person.
Bagos further asserted, “Today, we invited all the banks but only UBA, Zenith, Heritage, and Sterling Bank came. We’ll not take it lightly with the absentee banks any longer. They must appear next Thursday.”
Present at Thursday’s session were representatives from the CBN, Federal Mortgage Bank of Nigeria (FMBN), UBA, Sterling Bank, Heritage Bank, and Zenith Bank. While the committee accepted presentations from UBA, Heritage Bank, and Zenith Bank, they were instructed to provide further details regarding their investments in the NHF when their CEOs appear on the designated day.
Representatives from gateway payment companies, including Remita, e-Tranzact, and NIP, were also present but were directed to return with their CEOs on Thursday.