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Reps set committee to recover FG’s assets, shares

A committee will be set up by the House of Representatives to recover Federal Government’s (FG’s) assets, shares and dividends in the privatised public companies.

This is a sequel to a motion of urgent public importance moved by Rep. Mukhtar Ahmed during plenary on Wednesday.

Presenting the motion, the lawmaker stated that the FG privatised and commercialised some of its public enterprises to introduce private sector resources and discipline, create jobs and reduce the burden of funding of the enterprises on the national treasury.

He said before and after privatisation, FG still owned shares in some of the enterprises and was therefore entitled to dividends.

He said some of the assets; cash and residual shares in privatized public enterprises owned by the FG are still unaccounted for.

He added that some of the privatized companies like NICON Insurance, Nigerian Re-Insurance and NICON Luxury Hotels are already taken over by AMCON over acquisition loans.

The House expressed concern that FG may not be able to recover those monies, dividends and assets if they are not properly determined.

Mukhtar said the government needs money to finance the national budget as such there is the need for the recovery of the assets, dividends and shares in the privatised enterprises.

The House, therefore, resolved to constitute an ad hoc committee to investigate, determine the assets and report back to it within eight weeks.




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