House of Representatives is set to investigate the Assets Management Corporation of Nigeria, AMCON, over accumulated debt profile of N5trillion (about $25 billion).
The lower chamber also said it will look into the alleged fraudulent sale of some commercial banks by AMCON.
Following the unanimous adoption of the motion, the House therefore resolved to set up an ad hoc committee to carry out the investigation with a view to ascertain whether the acquisition and sale of assets, banks, shares and landed properties by the corporation was consistent with due process and extant laws.
In his lead debate, sponsor of the motion, Hon. Gabriel Onyenweife, accused AMCON of allegedly exceeding its debt profile ceiling of N800 billion by N4.2 trillion with the current debt profile of N5 trillion.
He said the corporation’s balance sheet had a shortfall of N3.8 trillion (about $19 billion), adding that the geometric accumulation of debts by AMCON would endanger the dwindling national reserves currently put at $30 billion.
Onyenweife said it was worrisome that the accumulated debts of AMCON in five years were more than those owed by the federal government of Nigeria to the Paris Club of Creditors in 50 years, adding that “over N2 trillion was lost in the not too transparent process adopted in the sale of some banks, including Oceanic Bank, Intercontinental Bank, Enterprise Bank and Mainstreet Bank.”
The ad hoc committee was given six weeks to report back its findings to the House.
Meanwhile, the House of Representatives has urged the Federal Government to commence expansion work on all auxiliary routes into the Federal Capital Territory, FCT, especially the constant traffic gridlock experienced by motorists and commuters along the Karu / Nyanya / Mararaba axis.
The House also urged the FCT administration and the Nasarawa State Government to provide car parks and bus stops to help ease heavy traffic experienced on this route.

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