The Senate on Tuesday mandated four
of its standing committees to investigate the management and utilization of the
$1.2billion loan facility obtained from 13 Nigerian banks by the Etisalat
Nigeria, now 9moblie.
This was followed by a motion by
Senator Solomon Olamilekan (APC Lagos) on the urgent need for the senate to
wade into the Etisalat debt crisis.
The four committees are Banking,
Communications, Capital Market and National Security and Intelligence.
The Senate also asked the joint
committee to make recommendations on ways the Nigeria financial governance
structure can be strengthened by legislations to prevent any future similar
occurrence.
It also further called on the
relevant financial intelligence agencies of the Federal Government to probe the
management of Etisalat Nigeria and hold the defaulting parties accountable for
their actions.
Olamilekan in his motion noted
that Etisalat ownership comprises of three shareholders, the United Arab
Emirates Sovereign Wealth Fund through Mubadala Development Comp Abu Dhabi
(45%), Emirates Telecommunications Group Company (40%) and Myacinth (15%)
through Emerging Markets Telecommunications Services.
In his remark, the Senate
president, Bukola Saraki tasked the committees to do a thorough work and report
back to plenary as soon as possible.
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