Audit observed that Bank disbursed the sum of N1,093,685,680.34 to the Federal Housing Authority (FHA) for the construction of 251 units of houses in Obada-Oko, Ogun state. Audit however, observed that the project had since been completed as far back as 2005 but it was not handed over to the Bank. Physical inspection revealed that the said estate had since been taken over by illegal occupants.
The Managing Director is required to justify the failure of the Bank to take over the project years after completion. He/She is also required to recover the properties from the illegal occupants and hand them to the intended occupants. Sanctions stated in FR 3109 and 3129 should apply.
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