The House of Representatives Ad Hoc Committee investigating the non-remittance of funds to the National Housing Fund and the utilization of funds from 2011 to date has issued a warning to chief executive officers who have failed to comply with its invitation. The committee has stated that these CEOs risk being subpoenaed if they continue to ignore the committee’s requests.
In light of this, the committee has given the defaulting banks until next Thursday to appear before it with all the necessary information. Furthermore, it has emphasized that the Accountant General of the Federation, Dr. Oluwatoyin Madein, and the acting governor of the Central Bank of Nigeria, Mr. Folashodun Shonubi, must personally appear before the panel on the same day.
During Thursday’s sitting, Musa Bagos, Chairman of the ad hoc committee, expressed his disappointment at the attitude of CEOs who often provided excuses that they were out of the country whenever invited to appear before the parliament. Bagos made it clear that while the committee seeks to provide a fair hearing to all stakeholders, it is prepared to take legal action against anyone who attempts to undermine its authority or sabotage the investigation.
Bagos stated, “We will not tolerate a situation where CEOs shy away from giving evidence. Every time, they claim to have traveled abroad. We insist that the Accountant General of the Federation and the acting governor of the CBN appear before this Honourable committee without fail next Thursday at 11 am. We will not entertain their representatives.”
The committee requested the director of banking supervision, Mr. Haruna Mustapha, who represented the CBN governor, to leave. It also refused to accept any evidence from the director of IPPIS, Mr. Emma Deko, who represented the AGF, insisting that she must appear in person.
Bagos further commented, “Today, we invited all the banks but only UBA, Zenith, Heritage, and Sterling Bank came. We will no longer take the absence of other banks lightly. They must appear next Thursday.”
During the sitting, only representatives from the CBN, FMBN, UBA, Sterling Bank, Heritage Bank, and Zenith Bank were present. While the committee accepted the presentations from UBA, Heritage Bank, and Zenith Bank, they have been asked to provide additional details of their investments in the NHF when their CEOs appear on Thursday.