Reps set up 8-man panel to probe Otedola, AMCON's N140.9bn debt deal

The House of Representatives, on Thursday, made good its promise to investigate the alleged secret debt repayment deal of the sum of N140.9 billion between Chairman of Zenon Oil, Mr Femi Otedola and the Asset Management Corporation of Nigeria (AMCON).Nigerian Tribune recalls that the House, through its spokesperson, Honourable Zakari Mohammed, declared that it would probe the alleged debt of N140.9 billion, being an outstanding debt of Mr Otedola, to AMCON.Honourable Mohammed had in the statement said, 'we have observed, with interest, the payment of N140.9 billion being an outstanding debt of Mr Otedola to AMCON. This payment was credited to AMCON's Managing Director, Mustafa Chike-Obi.'He also said, 'it is imperative to state that with the state of our economy, this transaction was done with confidentiality and secrecy.'To this end, the House on Thursday named an eight-member ad hoc panel chaired by Minority Leader, Honourable Femi Gbajabiamila, to probe the alleged shady deal.Other members of panel include Honourable Pally Iriase, Sani Kalgo,Uzor Azubuike, Idris Wase, Evelyn Ojakabor, Muraina Ajibola and Jerry Manwe.The Speaker, Honourable Aminu Tambuwal, while constituting the panel, charged them to be diligent in their duty and asked them to report back to the House within one month. The constitution of the panel was sequel to a motion moved by Honourable Bimbo Daramola under urgent public importance entitled, 'Final Settlement of Zenon Petroleum and Gas Limited and Forte Oil Plc. outstanding debts of N140, 999, 620, 395.80 owed Assets Management Corporation of Nigeria AMCON.'Leading debate on the motion, Honourable Daramola stated that the AMCON act stipulated that the operations of the corporation must be made transparent, published in available media and presented to the National Assembly, Ministry of Finance and Central Bank of Nigeria (CBN), a provision federal lawmakers insist was not followed in the N140.9 billion deal.'If the full extent and spectrum of the transaction is not looked at, it may be a harbinger of a catastrophic disaster worse than the near collapse witnessed in the stock market where many Nigerians not only lost their life investments, but also lives.' He stated.
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