Thursday, 11 October 2012

Reps Probe Otedola''s Companies

THE House of Representatives has ordered an investigation into the alleged  repayment of an outstanding 140 billion naira debt  to the Assets Management Corporation of Nigeria by Zenon Oil and Gas Limited, and Forte Oil PLC.

The two firms, owned by business man,  Femi Otedola were reported to have paid up the controversial debt, but the House said the secrecy surrounding the alleged repayment had left much doubt.

The probe, headed by Minority Leader of the House,  Femi Gbajabiamila is to find out the genuineness of the alleged repayment, and report back in one month. 

The decision was fallout of a motion moved under matters of urgent public importance by a member, Abimbola Daramola who argued that the debt repayment transaction was doubtful, and thus, the need to investigate the matter and other operations of AMCON.

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