Reps to audit Abuja investment company limited

THE House of Representatives on Wednesday mandated the Committee on Federal Capital Territory to carry out an extensive audit of all contract agreements entered into between the Abuja Investment Company Limited (AICL) and its Subsidiaries.

The committee was also mandated to probe revenues accruable from the contracts as well as remittances made to date and losses if any.

The committee was also mandated to investigate the immediate and remote causes of breach of due process and report back within four weeks for further legislative action.

The House resolution followed a motion sponsored by Hon. Prestige Ossy, “urgent need to conduct a comprehensive audit of all revenues accruable to the Federal Capital Territory Administration (FCTA) through the Abuja Investment Company Limited, its Subsidiaries and Affiliates and also the Alleged Abuse of Due Process in the Last 10 Years (2007-2017)”.

While moving the motion, the lawmaker said that “the Abuja Investment Company limited (AICL) was incorporated in 1994 as Abuja Investment and Property Development Company (AIPIDC)”.

He also maintained that, “AICL is wholly owned by the Federal Capital Territory Administration (FCTA) with a vision to build capacity in Public-Private Partnership Administration and Asset Management for sustainable development”.

Speaking further, he said that, “the Abuja Investment Company limited oversees the Abuja Markets Management Limited, Abuja Urban Mass Transport Company Limited, Abuja Property and Development Limited, Abuja Technology Village, and Abuja Film Village International”

According to him, “FCTA controls varying stakes in various affiliates of the Abuja Investment Company Limited which include the Abuja Leasing Company limited, Abuja Connect limited, Power North AICL Equipment Leasing Limited, Abuja Power Company limited, AsoProperties and Investment Management Limited, Aso Savings and Loans limited, among others”.

He added that as a result of the abuse of due process by the Abuja Markets Limited and other subsidiaries, the AICL signed a Facility Management Agreement which has been consistently disregarded to the detriment of the Federal Government.

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“One of the Subsidiaries of the Abuja Urban Mass Transport Company Limited receives N40,000,000 monthly as a subsidy to augment its operations which, according to findings, is unnecessary if the organization is efficiently managed.

“About N1 billion which is expended annually on diesel and appropriated for is a source of embezzlement being perpetrated by a few individuals at the expense of the country

“In spite of the capital invested by the Federal Government to establish the Abuja Investment Company Limited, its Subsidiaries and affiliates have become a source of revenue leakages and fraud running into billions of naira;

“Worried that efforts by the new management of AICL to sanitise the activities of its Subsidiaries are being frustrated as laid down agreements are blatantly disregarded”, the lawmaker disclosed.

The motion was subsequently passed when the Speaker, Honourable Yakubu Dogara put it to a voice vote.