House of Representatives Committee on the Federal Capital Territory (FCT), led by Hon. Aliyu Muktar Betara, has applauded the minister of Federal Capital Territory (FCT), Nyesom Wike, over ongoing infrastructural development projects across the nation’s capital city.
The lawmakers who spoke during an interactive session with the group managing director of Abuja Investment Company Limited (AICL), Dr. Maureen Tamuno, applauded her ingenuity towards improved revenue generation since her assumption of office.
While presenting her scorecard and strategy adopted in the turnaround of Abuja Investment Company Limited to the Committee, Dr. Tamuno disclosed that AICL only manages the District markets, not the entire markets across the territory.
According to her, Wuse Markets is owned 90 per cent by the individuals who bought the shops while AICL owns 10 per cent.
“For example, Wuse market is owned 90 per cent by the owners, we own 10 per cent. What Abuja Management does for Wuse market is to manage the facility there through the toll taking which they do collect on our behalf and then they manage the facilities, they manage the refuse collections and they also work with the market association.”
She noted that AICL cannot increase prices like other privately owned markets across the territory, noting that the prices adopted by AICL are controlled by the government.
She added that the Company is also managing part of the leakages envisaged such as monitoring these systems of fares collection which was initially collected manually.
This, according to her, will help to tackle the menace of revenue leakages and help to pay dividends to FCTA coffers.
While responding to question on Abuja Properties, she noted that AICL is saddled with the responsibility of owning properties on behalf of
“Before I got here, apart from two regimes of el-Rufai and Moddibo, the rest regimes, Abuja Property was dealing directly with the Minister. So, we did not have control over what Abuja Property does suffice me to say. But with the incoming of the new Minister he has streamline the system that all of these people will have direct reporting line.
“So, what they do or what they are meant to do is to manage estates, different cadres of estates for the Middle Class, for the High Class and and different kind of people and also declare profits and pay dividends also which has never been done. But in the last discussion last month, because of the new process that has been set up, they are committed to making sure that they will do this year, to declare dividend to AICL.”
On Abuja Transport scheme, she noted that “the Abuja AMMCO has been a little epileptic really. Because as we speak I think they have only about 84 buses and then most of the buses are not working. Before I came, I heard they are meant to sell but on our finding, we found out that the calibre of buses we have ASHOK were very strong bus and there was no need to sell, we would see how we could use some of them to repair others and have them running.
“So, they’ve not been able to break even, there are some epileptic problems that we are looking at to see how we can help them.”
On the Abuja Films Village, she said: “we heard the story of Abuja Film Village, even before I became the Group Managing Director, but suffice me to say that for 24 years nobody went to see where is this place. But when I assumed office all I was hearing is don’t go there they kidnap and all of that. But we were able to weather the storm to get to the point in Guzaki. We have about 3,000 hectares of land there, which is being encumbered already, we have mining is taking place there. We are working with FCT fortunately I did a memo to the Minister which he has approved graciously and set up an Inter-Ministerial Committee to know where our boundaries are. I saw miners on the plot he was really a tough place to go to.”
She explained that the Committee is expected to come up with the report to secure the parameters around the land and see what AICL could achieve there.
While noting that the entertainment industry is a thriving Sector, she explained that AICL has met some Stakeholders including Actors Guild who are already partnering with the company, with a view to stimulate the economy and create employment.
She noted that the company which was established over 30 years ago has metamorphosed to become an Holding Company is an investment arm of FCT and a Limited Liability Company, hence not in the Federal Government budget.
According to her, the two administrations ago set up other subsidiaries that suppose to work under AICL namely Power Launch which is a Leasing Company and Abuja Urban Mass Transit Company, Abuja Property Development and Abuna Market.
She added that AICL also has other subsidiaries namely Aso Savings, Abuja Tech Village where AICL owns 20 per cent equity, and 6 per cent with Abuja Intercontinental Hotel formerly known as Sheraton Hotel. She, however, noted that during the meeting held with the Hotel’s management, that the Hotel has recapitalized and gone PLC, thereby AICL share has reduced to three per cent.
While noting that AICL is still in talk with Abuja Intercontinental Hotel since 3 percent is not sufficient to be on the board of the Hotel because it’s a nominal shareholder and could only go to General Meeting, efforts are ongoing to improve the system with a view to regularise the percentages of investment.
She noted that efforts are also being made to ensure that the company’s staff are well motivated by embarking on a lot of capacity building and to drive them to ensuring that we return dividends to owners which is FCT.”
Speaking after the AICL group managing director’s presentation, Hon. Betara said: “As discussed with the Committee, you see a lot of members not you, before coming into Abuja Investment, but for us with the discussion we did to your previous team I told you, I was disappointed. Now I realize why the Minister of FCT is bringing in new hands into FCT.“We know you, with the little time you came in, revenue has come up and we hope you’re not coming down.
“And I will advise you anybody that you’re not ready to work with, remove the person so that you can work well. The Committee is ready to support you and support FCT in general.”
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
