Reps probe alleged theft of CBN’s N100b fund to build ranches

The House of Representatives has resolved to investigate the N100 billion allegedly released by the Central Bank of Nigeria (CBN) for the construction of modern mini ranches in states.


Adopting a motion sponsored by Mr. Karimi Sunday at the plenary session presided by the Deputy Speaker Sulaimon Yussuff Lasun yesterday, the lawmakers resolved to establish an ad-hoc committee to investigate the disbursement and utilisation of the money released for the project.


Sunday, a member of the opposition Peoples Democratic Party (PDP) representing Yagba federal constituency of Kogi State said the National Economic Council approved the release of the N100 billion naira to various states also to boost agricultural yields and end conflicts arising from the traditional method of grazing.


He remarked that the development was further compounded by the fact that there has not been any ranch constructed anywhere in the country to account for the expenditure of the money.


The House of Representatives may also be considering handing down one-year imprisonment to ministers and heads of ministries, departments and agencies (MDAs) that fail to obey legislative summons.


Under the proposed bill, an option of N1 million fine would be imposed on any one found wanting of committing the offence. The bill said that the sergeant-at-arms would take the role of the police in the enforcement of arrest warrant issued by the National Assembly.


The deputy speaker who acknowledged concerns raised over the bill, referred it to relevant committees of the House for consideration.


The House of Representatives Committee on Public Petitions has queried the Standards Organisation of Nigeria (SON), over the seizure of goods worth millions of Naira belonging to D & K Golden Investment Company Limited without due process.

About the author




Leave a Comment