Reps to probe alleged loss of N2bn, $3.8m in PHCN assets sale

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The House of Representatives is to investigate the alleged loss of two billion naira and 3.8 million dollars through banks’ non-payment of interests on the proceeds of the sale of PHCN successor companies, The Punch reports.

The decision followed the unanimous adoption of a motion by Rep. Chukwuka Onyema (Anambra-PDP) at the plenary on Tuesday. The house resolved to set up an ad hoc committee to carry out the probe and to report back to the house within six weeks for further legislative action.

Onyema had said that after the unbundling of the Power Holding Company of Nigeria into 18 successor companies, they made payment to the Federal Government through Standard Chartered Bank, Fidelity Bank, Stanbic IBTC, Access Bank, FCMB, Skye Bank, Sterling Bank, Zenith Bank and Unity Bank.

“The accrued interests due to the Federal Government to the tune of two billion naira and 3.8 million dollars were alleged to have been diverted by those banks in collaboration with officials of the Central Bank of Nigeria,’’ Onyema said.


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