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rawchead on Open9ja
The House of Representatives on Wednesday mandated its Committee on Federal Capital Territory, FCT to investigate the activities of Abuja Investment Company Limited, AICL on non remittance of over N2 billion proceeds to FCT treasury.

The resolution followed a motion sponsored by Honourable Nkole Ndukwe ‎on the need to probe the non remittance of the proceed to FCT treasury.

The lawmaker said that, AICL as the investment arm of the FCTA with a mandate to facilitate, encourage and attract investments into the FCT was set up in October 2006 following the restructuring of Abuja Investment and Property Development Company Limited, AIPDC which was incorporated in 1994.
According to him, with over $100 million currently under its management, the AICL had grown to become a world class investment firm with diversified subsidiaries and affiliates.

The lawmaker who listed13 companies where the company had interests said that, “despite this rapid growth of investments, the company, which is wholly owned by the FCTA‎, is not remmitting the required revenue to the FCT treasury”.

‎According to him, “over N2 billion that has accrued as proceeds from the above listed subsidiaries over the years was allegedly diverted by the management of the company which led to the dissolution of the management team by the Minister of the FCT recently”.

He listed companies involved to include: Abuja Property Development Company Limited with 100 percent share holding, Abuja Urban Mass Transport Company Limited, AUMTCO with 100 percent share holding, Abuja Market Management Limited, AMML with 95 percent share holding, Abuja Technology Village Free Zone, ATVFZ with 51 percent share holding, Abuja Film Village Limited with 50 percent share holding, Gas Farm Project with 50 percent share holding and Abuja Leasing Company, ALC with 20 percent shareholding.

Others include: Power North AICL equipment leasing company with 20 percent share holding, America Hospital with 20 percent share holding, ASO saving and loans plc with 10 percent share holding, Abuja Power Company Limited with 10 percent share holding, Capital Hotels (Sheraton Hotels and Towers, Abuja, with 6.51 percent share holding and Abuja Downtown Mall with 5 percent share holding.

The motion scaled through‎ when it was put to voice vote by Honourable Yakubu Dogara who presided over the plenary.

Reps to probe Abuja investment company over non-remittance of N2 billion to FCT by rawchead on Open9ja.com

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