Bank of Industry to face Reps probe over N40billion Dangote deal

OrderPaperToday – The House of Representatives has resolved to set up an ad-hoc Committee to look into the Bank of Industry’s sale of equity holdings worth N40billion in Dangote properties and WAMPCO PLC.

The mandate of the unnamed committee includes an investigation into the procedures that led to the hiring of four Directors by the Bank, without the approval of the President.

The Committee is also set to look into the financial activities of the Bank between 2010 and 2015.

The resolution follows a motion moved by Johnson Agbonayinma (APC, Edo) during plenary on Thursday.

While raising the motion, Agbonayinma said the Bank sold some of its assets and shares in WAMPO Nigeria PLC as well as its equity holdings in Dangote Properties to the public without due process.

He also accused the former BOI boss, Rasheed Olaoluwa, of unilaterally awarding a contract to a private firm, which could have been carried out by BOI subsidiary.

He explained further that a recent audit report of the Bank observed a deposit of N2billion made on the 13th of May 2011 that raised red flags.

On the issue of the Directors, Agbonayinma said the appointment violates the hiring procedures that, according to him, ought to have been nominated by the Minister to the President.

The motion was put to vote by the speaker, Yakubu Dogara and the “ayes” had it.

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