2 October 2012

Nigeria: Reps Probe Amcon Over N141 Billion Otedola's Loan

The House of Representatives has said that it will institute an investigation into the circumstances that led to the settlement of N141 billion debt between the Assets Management Corporation of Nigeria (AMCON) and oil magnate Mr. Femi Otedola.

In a statement made available to newsmen yesterday by chairman, House Committee on Media and Public Affairs, Zakari Mohammed, the House said it will set up a committee to look in the issue when it resume from oversight visit next Tuesday.

"We have observed with interest the payment of N140.9 billion, being outstanding debts of a businessman, Mr. Femi Otedola, to AMCON. This payment was credited to AMCON's Managing Director, Mustafa Chike-Obi. Obi 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 statement said.

Otedola has been entangled in brawl with the House in the wake of the report of the adhoc committee which investigated the management of fuel subsidy regime under embattled former chairman Rep. Farouk Lawan when the oil magnate admitted to bribing Lawan with the sum of $620,000 in what he called "sting operation."

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