From Kemi Yesufu and Fred Itua, Abuja
HOUSE of Representatives yesterday resolved to investigate the accumulation of debts by the Asset Management Company of Nigeria (AMCON), amounting to N5 trillion, in excess of its N800 billion debt ceiling.
The House also resolved to set up an adhoc commitee to probe the alleged non-remittances/under remittance as well as other fraudulent practices in the collection and expenditure of internally generated revenues (IGR) by ministries, departments and agencies (MDAs).
It also alleged that over N2 trillion was lost due to what was described as the non-transparent process adopted by AMCON in the sale of Mainstreet Bank, Oceanic Bank, Enterprise Bank and Intercontinental Bank.
The resolution of the House followed a motion sponsored by Gabriel Onyenweife (Anambra, APGA), who decried “the continued abuse of due process in the management of AMCON”, which he said portends danger for the health of the Nigerian banking industry.
Onyeweife warned that the accumulated debt of AMCON in the last five years was already higher than the debt owed by the Federal Government to the Paris Club of creditors in 50 years.
“The disposal of assets such as shares, landed properties, plants and equipment acquired by AMCON was shrouded in secrecy. Most of the assets disposed off were alleged to have been sold to cronies and close associates of the officials of the corporation without recourse to due process and extant laws,” he said.
In his contribution, Oghene Egoh (Lagos, PDP) stressed the need for the House to intervene to ensure that AMCON upholds the objectives for which it was established in 2010.
The lawmaker equally called for the appointment of a competent audit firm to examine the financial books of the corporation.
On the issue of non remittance by MDAs, Namdas Abdulrazak (Adamawa, APC) in the motion he sponsored, noted that the non-oil sector can provide sufficiently for the budgetary needs of the country, if transparently handled.
Abdulrazak observed that revenues from non-oil sector have been subjected to reckless expenditure through high operational costs, diversion, lack of transparency and accountability, and inflation of contracts by the MDAs who spent without recourse to the enabling Acts that established them.
House also ordered an investigation into the implementation of the land swap policy of the Federal Capital Territory Administration (FCTA).
It directed that its Committee on the FCT when constituted to carry out investigations on the execution of the policy, as well as the frequent contracts variation and abandonment of capital projects by the Federal Capital Territory Administration (FCTA) and report back its findings with appropriate recommendations to prevent further breaches.
Source : SunOnline