The House of Representatives, on Monday night, said it would probe the alleged debt of N140.9 billion, being outstanding debt of a businessman, Femi Otedola, to Asset Management Corporation of Nigeria (AMCON).
The Chairman, House Committee on Media and Public Affairs, Zakari
Mohammed, in a statement, said “we have observed with interest, the
payment of N140.9 billion, being outstanding debt of Mr Otedola to
AMCON. This payment was credited to AMCON’s Managing Director, Mustafa
“Obi confirmed that AMCON board met on Thursday and approved the
transfer of the business-man’s assets, as well as undisclosed cash to
AMCON as full payment and final settlement of Otedola’s liabilities,” he
“The seventh House of Representatives would, on return from its
one-week oversight tour, constitute a committee to investigate the
amount and the assets so transferred to AMCOM.
“It is imperative to state that with the state of our economy, this transaction was done with confidentiality and secrecy.
“It is curious that AMCON, being a government establishment which is
under the purview of the National Assembly, could do that without the
knowledge of the House.
“To say the least, the procedure is not acceptable. The National
Assembly would be interested in getting full details of the
transaction,” it read.