House To probe Otedola’s N141bn debt payment

Femi Otedola

Representatives, on Monday night, said it would probe the alleged debt of N140.9 billion, being outstanding debt of a businessman, Mr Femi Otedola, to Asset Management Corporation of Nigeria (AMCON).

Chairman, House Committee on Media and Public Affairs, Honourable Zakari  Mohammed, in a statement, said “we have observed with interest, the payment of N140.9 billion, being outstanding debt of  Mr Otedola to AMCON. This payment was credited to AMCON’s Managing Director, Mustafa Chike-Obi.
“Obi confirmed that AMCON board met on Thursday and approved the transfer of the business-man’s assets, as well as undisclosed cash to AMCON as full payment and final settlement of Otedola's liabilities,” he noted.

“The seventh House of Representatives would, on return from its one-week oversight tour, constitute a committee to investigate the amount and the assets so transferred to AMCOM.
“It is imperative to state that with the state of our economy, this transaction was done with confidentiality and secrecy.

“It is curious that AMCON, being a government establishment which is under the purview of the National Assembly, could do that without the knowledge of the House.
“To say the least, the procedure is not acceptable. The National Assembly would be interested in getting full details of the transaction,” it read.