Across Nigeria Corruption Matters Main News News

PHCN Sale: Reps to probe alleged loss of N2bn

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 decision followed the unanimous adoption of a motion by Rep. Chukwuka Onyema (Anambra-PDP) at the plenary on Tuesday.

The session was presided over by the Speaker, Mr Yakubu Dogara.

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 the Electric Power Sector Reform Act of 2005 unbundled the Power Holding Company of Nigeria into 18 successor companies.

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