Reps probe Abuja Investment Company over un-remitted N2bn Proceeds


The House of Representatives Wednesday mandated its committee on Federal Capital Territory (FCT) to investigate the activities of the Abuja Investment Company Limited (AICL) with a view of exposing an alleged diversion of funds and inefficiency.

The AICL management is alleged to have diverted proceeds worth N2 Billion from 13 subsidiaries and affiliates which led to the recent dissolution of the management team by the Minister of the Federal Capital Territory.

The resolution of the House was sequel to the passage of a motion by two members, Shehu Aliyu Musa and Nkole Ndukwe with the title: “Call for the investigation of the activities of Abuja Investment Company Limited on non-remittance of over N2 billion proceeds to Federal Capital

While moving the motion Ndukwe said that despite rapid growth in investments, “the company, which is wholly owned by the Federal Capital Territory Administration ( FCTA), is not remitting the required revenue to the FCT treasury.”

The lawmaker further states that “with over $100 million currently under its management, AICL has grown to become a world class investment firm with diversified subsidiaries and affiliates.”

He gave the names of the subsidiaries and affiliates companies as: Abuja Property Develop Company Limited (AIPDC) with 100 percent shareholding; Abuja Urban Mass Transport Company Limited ( AUMTCO) with 100 percent shareholding; Abuja Market Management Limited ( AMML) with 95 percent shareholding; Abuja Technology Village Free Zone ( ATVFZ) with 51 percent shareholding; Abuja Film Village Ltd with 50 percent shareholding; Gas Farm Project with 50 percent shareholding; and Abuja Leasing Company ( ALC) with 20 percent shareholding.

Others are:  Power North AICL Equipment Leasing Company with 20 percent shareholding; American Hospital with 20 percent shareholding, ASO Savings and Loans with 10  percent shareholding; Abuja Power Company Ltd with 10 percent shareholding; Capital Hotels ( Sheraton Hotels and Towers, Abuja) with 6.51 percent shareholding, and Abuja Downtown Mall with 5 percent shareholding.

When the Speaker, Hon. Yakubu Dogara called for a voice vote on the motion, it scaled through without dissent.

It was thereafter referred to the House Committee on Federal Capital Territory for investigation on the alleged diversion of funds and the committee was given three weeks to report back to the House for further legislative action.

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