He was Deputy Chairman of the House Committee on Finance while Aminu Bello Masari was Speaker, (Farouk Lawan was Chairman of the committee) and was also previously Chairman of the House Committee on Land Transport. Other committees he has sat on are the panels on Defence, Internal Affairs and Banking, and Currency. Bankole was re-elected in April 2007. He considers his legislative interests to be those related to defence and finance. In September 2007, a committee questioned Speaker Patricia Etteh about spending the sum of ₦628 million ($4.8m) on home renovation and automobiles. She denied wrongdoing, but many representatives were unhappy with her attempts to defend herself, blows were traded on the floor of the House, and Etteh had to be escorted from the chamber. Former President Olusegun Obasanjo and many top PDP members continued to back her, but a large segment of the party, led by Lawan and including Bankole, called for her resignation. It was reported that Bankole, among multiple other contenders, hoped to succeed her as early as 5 October 2007. After Etteh's resignation from the post on 30 October (along with her deputy, who was also caught up in the scandal), Integrity Group (anti-Etteh) member Terngu Tsegba became interim speaker. On 1 November, he was elected to succeed Etteh. The election began at 10.30am. The House was short of the statutory 360 members because three (Moses Segun Oladimeji, Joe Anota and Aminu Shuaibu Safana) died. Two constituencies were yet to elect their representatives. 328 of the 355 members voted. Samson Osagie of Edo State nominated Bankole for the post of Speaker, and Lynda Ikpeazu of Anambra State seconded the proposal. His challenger was Osun State Representative George Jolaoye, whom he beat by 304 votes to 20 (and 4 abstentions). Etteh was among those who voted against Bankole. The new deputy speaker was Usman Bayero Nafada. Bankole was declared speaker at 1.30pm. In his acceptance speech, entitled "We Stand Upon The Threshold of History", Bankole said "I am taking over the mantle of leadership at a very difficult time. But these are hard times, we need to build confidence again and assure the populace that we are still their representatives. I want an independent house that Nigerians will be proud of, this is my first task."