Nigeria's House of Reps to probe payment of N140bn to AMCON by Otedola

The House of Representatives said yesterday that it will probe the payment of N140.9billion to Assets Management Company of Nigeria, AMCON by oil magnate, Mr Femi Otedola. 

Director, Mustafa Chike-Obi. This was revealed in a statement issued by the spokesman of the Green Chamber, Zakari Mohammed. Mohammed said: “We have observed with interest the payment of N140.9billion,  being outstanding debts of a businessman, Mr. Femi Otedola, to AMCON. “This payment was credited to AMCON’s ManagingObi confirmed that AMCON Board met last Thursday and approved the transfer of the businessman’s assets, as well as undisclosed cash to AMCON as full payment and final settlement of Otedola’s liabilities.

“The 7th 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 will be recalled that Mr Otedola was the owner of two major oil marketers that was indicted by Farouk Lawan-led adhoc Committee on Fuel Monitoring Regime.