…As NNPC injects 100m litres of fuel
Ndubuisi Orji, Abuja; Adewale Sanyolu
House of Representatives, yesterday, resolved to probe the Bank of Industry(BoI) over the sale of equity worth N40billion in Dangote properties and WAMPCO Plc.
The House also resolved to set up an ad-hoc committee to undertake the assignment.
The ad-hoc committee would also be expected to investigate the financial transaction of the bank between 2010-2015 including the appointment of four new directors by the bank, without the approval of the President.
This followed the adoption of a motion moved by Ehiozuwa Agbonayinma at yesterday’s plenary.
In his lead debate, Agbonayinma contended that “the Bank of Industry, which is one of Nigeria’s major development financial institutions with government and private ownership, controversially sold some of its assets and shares in WAMPO Nigeria Plc as well as its equity holdings in Dangote Properties to the public without following due process.”
He alleged that :” the Management of the Bank under unilaterally awarded the sale of the shares to BGL Securities Limited despite the fact that the Bank of Industry Investment and Trust Company (BOIITC), a subsidiary of the bank could have effectively handled the transaction.”
Agbonayinma noted that awarding the sale contract to BGL Securities Limited “may have been done with the intention of favouring cronies of the other managing director to snap up the shares in WAMPCO that were valued at N40 billion and also to ensure that details of the transaction were kept secret.”
Meanwhile, in its efforts to reduce the long queues of vehicles in most part of the country, the Nigerian National Petroleum Corporation (NNPC) yesterday announced plans to inject 100 million litres of petrol daily into the market.
The intervention according to the NNPC, will see it bringing in two cargoes of petrol per day for the rest of February in a bid to boost supply.
Each of the two cargoes would be offloading 50 million litres of refined products making a total of 100 million litres that will be brought in per day for the rest of February to increase supply and replenish strategic reserves.
It further stated that in order to enhance supply, about 45 million litres of petrol was discharged from ships into jetties across the country on Thursday.