The House of Representatives on Wednesday mandated its Committees on Banking, Currency and Capital Market and Institutions to investigate the acquisition of Intercontinental Bank by Access Bank.
The resolution was sequel to a Motion moved by Rep. Yacoob Alebiousu (ACN – Lagos) which was unanimously adopted by the House when put to vote by Speaker Aminu Tambuwal.
The House also directed the Committees to investigate the roles played by the Asset Management Company of Nigeria (AMCON), Access Bank and the interface of the Management Team of Intercontinental Bank Plc in the entire process.
It also mandated the committees to investigate the involvement of United Alliance Company, a business concern allegedly owned by a Director of Access Bank and report back to the House within two weeks.
Moving the motion, Rep. Alebiousu said the merger and acquisition of Intercontinental Bank by Access Bank was part of the Nigerian Banking Sector Reform Programme.
He noted that the reform plan and consolidation policy was essential to the future stability and growth of the economy.
He explained that the motion was to adopt preventive approach by safeguarding the interests of the shareholders by not giving back the financial institutions to those set of people who eroded the confidence and trust that depositors reposed in them through the backdoor.
Similarly, the House in a Motion on the misuse of Export Expansion Grant (EEG) by some industrialists mandated its House Committee on Customs and Excise to investigate the administration and utilisation of the (EEG) by the Nigerian Export Promotion Council (NEPC).
The Committee is expected to report back to the House within two weeks.
Leading the debate on merit of the Motion, Rep. Nasir Ila (CPC – Kano), who brought the motion, said the EEG was initiated by the Federal Government as an incentive for the stimulation of export–oriented activities that would lead to the growth of the export sector.
He said the administration and utilisation of the EEG had been one of the major set-backs of the scheme, regarding difficulties in determining whether incentives were actually given to qualified beneficiaries.
Reps. Jerry Alagboso (PDP–Imo), Robinson UwaK (PDP-Akwa Ibom), Rep. Yusufu Tajudeen (PDP – Kogi), and Shehu Garba (PDP–Kaduna), said the existence of the scheme had been abused.
In their contributions, the lawmakers agreed that it was a laudable programme by the government to boost export, but urged the relevant committees to look into its implementation.