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House Queries N10.7b Automotive Transfer Fund From Ahamefula Ogbu in Abuja House of Representatives yesterday queried the Ministry of Industries over the application of N10.7 billion belonging to the National Automotive Council (NAC), especially the transfer of N4.5 billion to the Bank of Industries and another N3.7 billion to the National Fertilizer Company of Nigeria (NAFCON). The issue, which had in the past, generated controversies over alleged contravention of section 10(3) of the NAC Decree 84 of 1993 saw the Minister of Industries, Alhaji Mogaji Mohammed answering question on why the money was moved in manners not prescribed by law. House Committee Chairman on Industries, Hon Uche Maduako, observed that such practices not backed by law, accounted for the stunted growth and eventual death of the automotive industry in Nigeria, warning that all those involved in the said illegal transaction risked being jailed at the end of the investigation to demonstrate government's commitment to the war on graft. "It is very sad and disturbing to observe that the disbursement of funds accruing to the National Automotive Council contravenes the strict provisions of the enabling act. Sections 9(3) of Decree 84 of 1993 (Now an Act of the National Assembly) clearly specifies the application of the said fund and particularly section 10(3) stated that the fund shall not be applied other than for the purpose of the council," he said. The grouse of Maduako and the House which ordered a public hearing on how the funds, said to have been disbursed on the directives of President Olusegun Obasanjo and the backing of the Minister of Justice were Bank of Industry - N4, 524,032,829.00; NAFCON N3,725,000,000.00; Steyr N2, 361,042,745.00 and NAC N110,5000,000.00. Out of all the disbursements, only that to NAC was as provided for by the enabling instrument. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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