Reps summon NSIA, 11 firms over housing projects’ funds

The House of Representatives Public Account Committee yesterday summoned the Managing Director of Nigeria Sovereign Investment Authority and heads of 11 affiliate companies. They are to appear on December 12 to explain the management of multi-billion public funds meant for the provision of affordable homes for  low-income earners in Nigeria. The invitation was aimed at […]

The House of Representatives Public Account Committee yesterday summoned the Managing Director of Nigeria Sovereign Investment Authority and heads of 11 affiliate companies.

They are to appear on December 12 to explain the management of multi-billion public funds meant for the provision of affordable homes for  low-income earners in Nigeria.

The invitation was aimed at revisiting the Auditor-General for the Federation’s annual report on the management of resources for the provision of affordable/social homes in Nigeria by Family Homes Fund Limited.

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The firms are: NSIA Motorways investment company, FGF Private Equity Co. Limited, FGF PE Beta Limited, FGF Investment Limited, NSIA Property Investment company Ltd, NSIA power investment company Ltd, NSIA Agriculture Investment company Ltd, LUTH Advanced Medical Service Ltd, FMCU Advanced Medical Diagnostic Ltd, AKTH Advanced Medical Diagnostic Limited and NSIA Healthcare Development and Investment Company Ltd.

The committee, had during an investigative hearing, requested relevant approvals from the Minister of Finance, Budget and National Planning, Zainab Ahmed, authorizing NSIA to grant N1.5bn loan to Family Homes on an interest-free basis.

According to the audit report, the total capital funding of Family Homes between 2018 and 2020 stands at N65bn paid by Federal Ministry of Finance, Budget and National Planning.

It said the amount represents 13 percent of the N500bn seed capital promised by the government for provision of affordable homes for low-income earners in the country.

The report showed that during project inspection visits in Delta, Kaduna, Kano, Nasarawa and Ogun states where FHFL proposed to build 3,289 legacy homes, only 2,107 were completed out of which 675 were sold as of December 31, 2020.

The report stated that the company awarded contract prices were higher than the capped cost limit, adding there were discrepancies in the cost of the houses.

“Audit further observed that out of N16,983,308,000 projected to be recouped from the completed homes, only N6,059,268,000 had so far been recouped, leaving outstanding sum of N10,924,040,000 due to the company’s inability to sell the remaining 1,432 completed homes as at 31st December, 2020”, the report said.