News
Reps Committee summons NSIA, 11 subsidiary, Investment firms over affordable Housing projects
The House of Representatives Committee on Public Accounts has mmoned the Managing Director of Nigeria Sovereign Investment Authority (NSIA) and heads of 11 affiliate companies over the management of public resources for the provision of affordable/social homes for the low-income earners in Nigeria.
The invitation was sent via a letter with Reference No: HR/PAC/SCOS/9NASS/QUE.64/56 dated 30th November, 2022 and signed by the Chairman of the Committee, Hon Busayo Oluwole Oke.
According to Hon Oke, the fresh invitation was aimed at revisiting the Auditor General for the Federation’s Annual Report on the management of resources for the provision of affordable/social homes in Nigeria by Family Homes Fund Limited.
The letter reads: “I refer to our letter Ref. No. HR/PAC/SCO5/9NASS/QUE.62/84 dated 18th November, 2022 inviting you to appear before the Committee on Friday 25h November, 2022 on the above subject matter. In view of the above, the Committee is in receipt of your correspondence with Ref. No. NSIA/NAS/HCPA/022/01 dated November 25, 2022 and resolved to request for a soft copy and 15 hard copies of a written brief on each of the following subsidiaries and Investment Companies of NSIA to enable the Committee carry-out its Legislative mandate.
The 11 organisations summoned by the Committee are: NSIA Motorways investment company; FGF Private Equity Co. Limited; FGF PE Beta Limited; FGF Investment Limited; NSIA Property Investment company Ltd; NSIA power investment company Ltd; NSIA Agriculture Investment company Ltd; LUTH Advanced Medical Service Ltd; FMCU Advanced Medical Diagnostic Ltd; AKTH Advanced Medical Diagnostic Limited and NSIA Healthcare Development and Investment Company Ltd.
“A new date has been fixed for your appearance. You are to cause appearance before the Committee on Monday 12th December, 2022 at 11:00am,” Hon. Oluwole Oke said in the letter.
The Committee during the investigative hearing also requested for relevant approvals from the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed authorizing NSIA to grant loan of N1.5 billion to Family Homes on interest free basis.
According to the audit report, the total capital funding of Family Homes between 2018 and 2020 stands at N65 billion was paid by Federal Ministry of Finance, Budget and National Planning, representing 13 percent of N500 billion seed capital promised by the Federal Government for provision of affordable homes for low-income earners in the country.
In the same vein, the sum of N1.500 billion as a take-off credit grant from Nigeria Sovereign Investment Authority (NSIA) in 2017.
The report further showed that during project inspection visits in Delta, Kaduna, Kano, Nasarawa and Ogun States that FHFL proposed to build 3,289 legacy homes, only 2,107 homes were completed, out of which only 675 homes were sold, representing 32% 0f the total completed as at 31st December, 2020.
While noting that the company awarded contract prices were higher than the capped cost limit, there were discrepancies in the cost of the houses.
According to the audit report, a total sum of N3,230,403,000 was generated internally by Family Homes from sales of homes, income from investment, among others between 2017 and 2020. The internally generated incomes were plough back to capital for provision of more homes.
Audit review of the Project Status Report revealed that FHFL proposed to build 3,289 legacy homes in Delta, Kaduna, Kano, Nasarawa and Ogun States between year 2018 to 2020. However, the report and projects.
The Inspection team however observed that only 2,107 homes were completed as at 31st December,2020 were sold instead of the 70% stated in section 3.1.4(1) of the FHFL Operational plan 2020. A total of 1,432 homes completed representing 68% remained unsold.
Audit further observed that out of N16,983,308,000 projected to be recouped from the completed homes, only N6,059,268,000 had so far been recouped, leaving outstanding sum of N10,924,040,000 due to the company’s inability to sell the remaining 1,432 completed homes as at 31st December, 2020.
The Honourable Minister of Defence, Mohammed Badaru Abubaka mini visited the Executive Governor of Katsina State, Mallam Umar Dikko Umaru Radda, at the Government House in Katsina to express condolences following the passing of his beloved mother, Hajiya Safara’u Umar Bare-Bari Radda.
During the visit, Minister Abubakar, on behalf of himself, his family, the Minister of State for Defence H.E. Dr. Bello Matawalle MON and the entire staff of the Ministry of Defence, conveyed heartfelt condolences to Governor Radda, his family, and the people of Katsina State during this difficult time.
In his remarks, he prayed for Almighty Allah to forgive the deceased, grant her mercy, and bestow upon her a place in Jannatul Firdaus. He also offered prayers for the Governor and his family, asking for strength and fortitude to bear this profound loss.
The Minister was accompanied by Hon. Idris Garba Jahun, former Speaker of the Jigawa State House of Assembly, along with Hon. Abubakar Sadiq Jallo and Hon. Mas’ud A. Naruwa, members of the Katsina State House of Assembly representing Hadejia and Babura, respectively.
All political office holders who were appointed by the embattled governor of Rivers State, Siminalayi Fubara have been suspended from office by the Sole Administrator of the State, Retired Vice Admiral Ibok-Ete Ibas.
They were suspended from office with immediate effect, according to a statement by the Chief of Staff to the Sole Administrator, saying the decision followed powers granted the Sole Administrator by President Bola Ahmed Tinubu.
The Secretary to the State Government, the Chief of Staff to Fubara were among those suspended from office.
Commissioners, chairpersons and members of boards, agencies, commissions, and parastatals, as well as all Special Advisers, Special Assistants, and Senior Special Assistants were all relieved of their appointments.
“This suspension takes effect from Wednesday, March 26, 2025. The affected officers are to hand over to the permanent secretaries in their MDAs.
“Where there may be no permanent secretary, they are to hand over to the most senior director/head of administration,” the statement read.
Ibas was sworn in as Sole Administrator on Wednesday, March 19, by President Bola Tinubu after the President declared a state of emergency in Rivers State.
The President also suspended Governor Siminalayi Fubara, his deputy, Ngozi Odu, and all elected members of the Rivers State House of Assembly for an initial period of six months.
Ibas, who is a former Chief of Naval Staff, vowed to maintain law and order in the state.
“If the main issue is that of maintaining law and order in the state, I think for any meaningful activities to take place in Rivers State, that is the utmost task that I have,” he said to State House correspondents after the swearing-in.
He also promised to work together with other stakeholders to ensure that order is restored in the state.
Agency Report
The 15th Emir of Kano, Alhaji Aminu Bayero, has announced the cancellation of the Eid-el-Fitr Durbar celebration due to security concerns in the state.
Emir Bayero made this announcement while briefing newsmen at his Nasarawa Mini Palace in Kano on Wednesday night.
He said that the peaceful coexistence of the people takes precedence over the Durbar celebration.
Emir Bayero had initially planned to hold the Durbar celebration, which would have coincided with his fifth year anniversary on the throne.
He noted that respected Islamic clerics, elders, stakeholders, and his council members advised him to cancel the celebration to maintain peace.
Emir Bayero urged the people of Kano to use the Sallah celebration period to visit families and friends and to observe the festivities in a peaceful and harmonious atmosphere.
He prayed for Allah’s blessings and mercy during the month of Ramadan, hoping that the people of Kano would receive forgiveness and mercy.
NAN
-
News1 week agoBill to establish National Cashew Production and Research Institute in Kogi passes first reading in Senate
-
News1 week agoReport of attack on Wike’s Port Harcourt residence false, misleading – Police
-
News1 week agoShehu Sani debunks Governor Uba Sani’s alleged diversion of LG funds, challenges El-Rufai to publicly tender evidence
-
News1 week agoPlateau gov’t expresses concern over violence in Shendam LGA, calls for calm
-
Politics1 week agoOpposition leaders announce coalition to challenge Tinubu in 2027
-
Opinion1 week agoSule Lamido, PDP, and the politics of defection.
-
Politics1 week agoYahaya Bello deceptively arranging recall of Senator Natasha, desperate to replace her – Constituents
-
Foreign5 days agoHouthis declare Ben-Gurion Airport ‘no longer safe’ after renewed Gaza fighting