The House of Representatives Public Account Committee (PAC) over the weekend asked the Director-General of Bureau of Public Enterprises, Ms. Bolanle Onagoruwa to explain how N56.8billion loans were disbursed to twenty two federal government agencies privatised or at the point of privatisation by the BPE.
The Solomon Adeola-led Public Account Committee asked the BPE DG to submit relevant documents on the loans.
BPE is subject to investigations in relation to the 2006 Auditor General of the Federation Audit report which the committee is scrutinising.
The AGF’s audit report stated that the N56.8billion loans were offered by the Federal Ministry of Finance through the BPE as bailouts to the Nigerian Security Minting and Printing, Ajaokuta Steel Company, Delta Steel, Jos Steel mining Company, Power Holding Company of Nigeria (PHCN) and 19 other ailing state-run coys.
The Committee instructed the Accountant General of the Federation (AGF) and BPE DG to produce a list, status, year, structure of the loans to the affected companies.
They are also expected to provide share certificates issued to the federal government if the loans have been converted to equities.
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