Articles

House to Probe Otedola, AMCON Debt Deal

02 Oct 2012

Views: 8,869

Font Size: a / A

120212F2.Femi-Otedola.jpg-120212F2.Femi-Otedola.jpg

Mr. Femi Otedola

By Onwuka Nzeshi

The House of Representatives yesterday faulted the N140.9 billion debt settlement deal between the Chairman of Zenon Oil and Gas and Forte Oil Plc, Mr. Femi Otedola, and the Asset Management Corporation of Nigeria (AMCON), saying the procedure was unacceptable.

Chairman, House Committee on Media and Public Affairs, Hon. Zakari Mohammed, said the transaction was suspect and that the lower chamber of the National Assembly would investigate it when it resumes from its one-week break.

In a statement made available to journalists late Monday, Mohammed said the transaction was done with “confidentiality and secrecy” regardless of the state of the Nigerian economy.

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

“Obi confirmed that the 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 AMCON.

“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.

“The National Assembly would be interested in getting full details of the transaction,” Mohammed said.

Tags: AMCON DEBT DEAL, Featured, House, Nigeria, Otedola, Politics, PROBE

Comments: 0

Rating: 

 (0)

Comments (20)

Read other user's comments about this page. You can add your own comments below.

  • Sounds like witch hunting on the part of the House given Otedola's indictment of Farouk Lawan (suspended House representative) in the $620,000 bribe scandal.

    From: Muyiwa

    Posted: 7 months ago

    Flag as inappropriate

  • Good move by the House, even if the motive behind the probe may be suspect. AMCON has behaved as if it owes Nigerians no explanations to its activities, forgetting that it is funded directly by taxpayers monies. Depositors lost their savings as a result of these bad loans to the likes of Otedola and co and also the recklessness of the banks. We would like to know the assets Otedola used to pay-off this huge amount and HOW AMCON intends to realise these assets. It is not enough for AMCON to hold worthless title documents to assets it cannot and will not realise.

    From: Wesley

    Posted: 7 months ago

    Flag as inappropriate

  • Let the witch hunt begins. Just because Otedola exposed you lot as good for nothing Looterables. Are you telling us that this is the first and only deal that has been done by AMCON? how come you have not raised your voice to any of the others. Just because the guys stood his ground against you, then he must be stoned to death. The behaviour of the house is becoming somewhat digraceful to the entire nation, first, you think it is your constitutional right to demand for bribes from government agencies and if any Nigerian raises his or her voice, you must crush them with your might. People in your positions are usually humble and work very hard for the citizens but we have been turned into your slaves and you expect to be worshiped like a god. Did any of you have anything to say to the speaker's house sold to Bankole under those shady deals that you do everyday? what about the fact that you are now building new ones for the present executives at the expense of tax paying Nigerians..

    From: Femi Abioye

    Posted: 7 months ago

    Flag as inappropriate

  • Una de still de hunt Otedola?

    From: Austin

    Posted: 7 months ago

    Flag as inappropriate

  • Is this vendetta?I hope this will not further drag the batttered integrity of the House in the mud.Cant the House of Rep get matured like the Senate or their is nuisance value in numbers?Anyway,Keyamo is still alive watching.

    From: Kola

    Posted: 7 months ago

    Flag as inappropriate

  • No matter what their motive is for probing the AMCON-Otedola deal, they should be left to do it. The era of impunity should be condoned. Does it mean that just because of Otedola-Farouq's saga, then the house should look the other side? Then, every debtor will look for and find an excuse not to pay.

    From: Bolanle

    Posted: 7 months ago

    Flag as inappropriate

  • I tell you, even if you combine all your brains together, Otedola is wiser than you . you will end up disgracing yourselvves for the second time. This man knows both local and international law.you only know local law and that is your problem.we are making progress in Nigeria.

    From: Dimkpa

    Posted: 7 months ago

    Flag as inappropriate

  • It is sad that ''Honourable Members" are behaving this way. I see a revolution comming soon,they have lost all sense of decency and seriousness. Its a waste of public fund to keep this fellows in Abuja. I cry for Nigeria. My first contact with NASS was in 1999,i worked closely with a Senator,that brought me closer to some Reps, i think the standard has gone really low. No quality debates,all like seniors in secondary school,-touch one of us ,we will all go after you, SHAME, SHAME TO YOU ALL, YOU IRRITATE NIGERIANS WITH YOUR MORALLY DESPICCABLE CONDUCTS AND ACTS. You end is getting near.

    From: Ikenga Na Uta(ii)

    Posted: 7 months ago

    Flag as inappropriate

  • Common guys, how can this be called a vendetta or witch hunting. The whole idea is for AMCON to be transparent for how could the MD have come to say that this sick fraudster cum economy saboteaur with buldging eyes who now wears sun-glasses has settled his indebtedness to us (remember AMCOM's fund is our common wealth) with an "undisclosed cash and business assets". Please guys dealings by AMCON in respect of any loan repayment must be transparent and approved by the House of Rep.

    From: Kenny Cougar

    Posted: 7 months ago

    Flag as inappropriate

  • If you had to identify, in one word, the reason why the human race has not achieved, and never will achieve, its full potential, that word would be "meetings." committees!

    From: Uzoma

    Posted: 7 months ago

    Flag as inappropriate

  • Our age will be known as the age of committees.

    From: Uzoma

    Posted: 7 months ago

    Flag as inappropriate

  • The question still remains whether or not the transaction is transparent. Otedola is already in public view and of course the watch of the national assembly and other government agencies. The more reason he has to be careful in all his dealings. Going to equity?,clean hands only major weapon.The reason or motive of the national assembly is immaterial. After all,who else will report you?,Is it your friend?,I do not think so.So telling us national assembly is after Otedola becaause of Otedola-Farouk bribery scandal,(Both equally guilty as giver and taker),or why do think that case has ended just a media hype?

    From: Lagos Island Solicitor

    Posted: 7 months ago

    Flag as inappropriate

  • I think the proposed constitutional amendment should scrap the lower house. They are a complete waste to the system and a hindrance to governance.

    From: Ken

    Posted: 7 months ago

    Flag as inappropriate

  • The question remains,was the transaction transparent? House motive is immaterial. After,is it Otedola's friends that will be after him? The more reason he has to be above board.Once he is transparent in his dealings,the 'enemies' can never get at him.In any case,Otedola (giver),is as guilty as Farouk (receiver),no wonder the case has ended(?) just a media hype. Otedola's and his dealings are in the public domain and are of continued public interest.

    From: Lagos Island Solicitor

    Posted: 7 months ago

    Flag as inappropriate

  • Let it be witch-hunting or whaetever they will be accussed of hunting. Is it not curious that the Otedola guy couldn't pay up his debt for 'the past 6 months' AMCON had been working with him, but could suddenly pay up within a week of being named and shamed.

    What should be more important is when the house do a shoddy investigation. Let them go ahead, do their job and give Nigerians the benefit of knowing some of the things people do in secrecy.

    Afterall, Otedola, AMCON and the Hational Assembly are all spending the the common resources of other 160Million Nigerians. The singular act will even make AMCON sit tight and more careful when dealing with other debtors, before some smart guys will be working hard for themselves. Nigeria!!!

    From: Williams

    Posted: 7 months ago

    Flag as inappropriate

  • the house is too busy to recieve the national budget but they can investigate a loan deal between AMCON and Otedola. the are not ashamed of themselves. they are not even trying to hide their greedy motives

    From: jimmy

    Posted: 7 months ago

    Flag as inappropriate

  • Shameful comments by Muyiwa and co. Even if Otedola is your brother, do you have to come to the press to insult Nigerians. Though I do not know your ages, but I would imagine that you are young enough to be the next leaders of this nation. Where is the hope for this land? Where is the HOPE? My heart bleeds for Nigeria and the generation to come. Should the activities of AMCON or National assembly be subject to personal choice. Does the law require AMCON to disclose deals of this nature? Is the national assemble empowered to probe such issues? These are simple questions that even a 10 years old child may be able to answer. Why link the behaviour of AMCOM and the statement by a house member to the fact that Otedola exposed Lawan. Does that exposure give him a shield against an probe in this country? OH, Nigeria, Oh Nigeria, who will save thee? There seem to be no hope in the land. I weep. But let all know that it is not difficult to aggregate the comments of everyone on the internet and call for answers in due time. When the 'trumpet Sounds', there will be no hiding place. BEWARE!!!

    From: Unabugo

    Posted: 7 months ago

    Flag as inappropriate

  • All you Otedola disciples, If in deed he had the capacity to pay his loans why did he wait to be named and shamed. It is not enough for anybody to tell Nigerians now that the deal is supposed to be confidential. These businessmen in other countries would have been on trial for economic sabotage. If they had any integrity the would have acted differently in the first place.Enough said.

    From: Goddy

    Posted: 7 months ago

    Flag as inappropriate

  • Please ignore these rabble rouses. if the Board of AMCON is not competent, let them tell us, we know their antecedent as blackmailers and incompetent representatives. why are they not probing other deals brokered by AMCON?

    From: Dipo

    Posted: 7 months ago

    Flag as inappropriate

  • Kudos to the House for this move. Otedola could not have settled N140b of this debt less than one week after the release of the CBN list. Something is fishy and the House needs to unearth this in the interest of the tax payer.

    From: Ishmael

    Posted: 7 months ago

    Flag as inappropriate

Add your comment

Please leave your comment below. Your name will appear next to your comment. We'll also keep you updated by email whenever someone else comments on this page. Your comment will appear on this page once it has been approved by a moderator.

comments powered by Disqus