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Members of the House of Representatives unanimously resolved to conduct a comprehensive audit of all revenues accruable to Federal Capital Territory Administration (FCTA) through the Abuja Investment Company Limited and its subsidiaries over the past 10 years.
The AICL subsidiaries are: Abuja Markets Management Limited, Abuja Urban Mass Transport Company Limited, Abuja Property and Development Limited, Abuja Technology Village, and Abuja Film Village International.
Similarly, AICL also owned substantial equity in Abuja Leasing Company limited, Abuja Connect limited, Power North AICL Equipment Leasing Limited, Abuja Power Company limited, Aso Properties and Investment Management Limited, Aso Savings and Loans limited, among others.
The resolution was passed sequel to the adoption of a motion sponsored by Prestige Ossy, who expressed concern over under-performance of the revenue generating agencies since establishment.
The lawmaker also raised alarm over the N40 million monthly subsidy given by the FCT administration to augment the operations Abuja Urban Mass Transport Company Limited as well as about N1 billion which is expended annually on diesel.
According to him, Abuja Investment Company limited (AICL) was incorporated in 1994 as Abuja Investment and Property Development Company (AIPIDC).
He alleged 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.
“The House is also informed that one of the subsidiary of the Abuja Urban Mass Transport Company Limited receives N40 million monthly as subsidy to augment its operations which, according to findings, is unnecessary if the organization is efficiently managed.
“The House is concerned that 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.
“The House is also concerned that 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.
“The House is worried that efforts by the new management of AICL to sanitize the activities of its Subsidiaries are being frustrated as laid down agreements are blatantly disregarded,” Prestige noted.
While ruling, Speaker Yakubu Dogara mandated the Committee on FCT to investigate the immediate and remote causes of breach of due process and report back within four weeks for further legislative action.
The Committee was also mandated to carry out an extensive audit of all contract agreements entered into between the AICL and its subsidiaries/affiliates and revenues accruable from the contracts as well as remittances made to date and losses, if any.
KEHINDE AKINTOLA, Abuja
