OrderPaperToday – The House of Representatives has resolved to initiate a comprehensive audit of all revenues accrued to the Federal Capital Territory Administration (FCTA) through the Abuja Investment Company Limited (AICL) and its subsidiaries and affiliates.

The House will also look into the alleged abuse of due process in the 10 years between 2007 and 2017.

The House also mandated the Committee on Federal Capital Territory to investigate the immediate and remote causes of the due process breach and report back within four weeks.

This followed a motion by Mr. Ossy Prestige (APGA, Abia) who lamented on the lack of commitment and due process by the Abuja Markets Management Limited (AMML) and other subsidiaries as well as the AICL that signed a facility management agreement, which was consistently disregarded to the detriment of the federal government.

He noted that the AICL oversees the Abuja Markets Management Limited, Abuja Urban Mass Transport Company Limited, Abuja Property and Development Limited, Abuja Technology Village and Abuja Film International and others.

According to him, “one of the subsidiaries of the Abuja Transport Company Limited receives forty million naira (N40, 000.000) monthly, as a subsidy to augment its operations which, according to findings, is unnecessary if the organization is efficiently managed.”

Adding that, “over N1 billion is expended annually on diesel and appropriated for is a source of embezzlement being perpetrated by few individuals at the expense of the country.”

He further expressed worry that in spite of the capital invested by the federal government to establish the AICL, its subsidiaries and affiliates have become a source of revenue leakages and fraud, running into billions of naira.


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