The House of Representatives Committee on Urban Development has queried the change of name and ownership of a government financial institution from Urban Development Bank of Nigeria Plc to Infrastructure Bank Plc without any legislation.

The Chairman of the Committee, Hon Awaji-Inombek Abiante, demanded details on how the bank was transformed, projects embarked on and funded by the bank, information on donor agencies into partnership with the bank as well as details of utilisation of funds amongst others.

The bank is dedicated to providing financial solutions to support key long term infrastructure projects, including transportation infrastructure, municipal common services, mass housing and district development, solid waste management and water provision, and power and renewable energy projects.

It is a government-sponsored but private sector-driven development finance institution

He expressed concerns over the ownership of the Infrastructure Bank Plc.

Abiante said the Bank, which was formerly known as Urban Development Bank of Nigeria Plc, was established in 1992 under decree No. 51 of the 1992 under the Rtd Gen Ibrahim Babangida?s administration.

He said it had no legislation authorizing the change of name or adjustment in the ownership structure of the Bank.

He observed the operations of the Bank were a decision of the Federal Executive Council (FEC) which is not a lawmaking body and was not the right thing to do.

The Rivers lawmaker also worried about reductions in shares belonging to government Institutions.

Acting Managing Director of the Bank, Nkiru Chime, noted the crucial role the Committee plays in creating national policies for urban management in addressing environmental degradation and overseeing agencies responsible for urban development.

This, she said, was in addition to creating vital urban renewal and slum upgrading initiatives which according to her are central to fostering a sustainable and thriving Nigeria.

The Bank has a unique ownership structure, majority owned by the private sector but also has the Federal Government, State Governments and Local Governments as well as the Nigeria Labour Congress as shareholders. (The Nation)

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