Audit observed that:
i. Some government assets were disposed of at the sum of 14,572,565.00 (Fourteen million, five hundred and seventy-two thousand, five hundred and sixty-five naira) and the proceeds paid into the Treasury Single Account of the Authority;
ii. There was no valuation report from the Federal Ministry of Works or any other competent Authority made available for audit;
iii. There was no Board of Survey Report for the disposal;
iv. Items sold were not advertised and details of the sales price of each item were not known;
v. Auditor-General’s Office and that of the Accountant-General of the Federation were not informed of the disposal in line with the above stated rules, and
vi. Non-remittance of the proceeds from the disposal to the Consolidated Revenue Fund, in line with Circular TRY/A7/B7/2004 of 11th June, 2004
The Managing Director is requested to:
i. Furnish reasons for not complying with due process on auction.
ii. Recover the sum of 14,572,565.00 (Fourteen million, five hundred and seventy two thousand, five hundred and sixty-five naira) and remit same to the Treasury.
iii. Forward evidence of remittance to the Public Accounts Committees of the National Assembly, and
iv. Otherwise, apply sanctions relating to failure to collect and account for Government Revenue specified in paragraph 3112(ii) of the Financial Regulations.
N/A
N/A
Click to enlarge image
Seach for project by title, MDA, state, status, year…
Do you know of project(s) in your community that has been abandoned, not executed or poorly implemented. Our team is ready to help you track it and get government to act.
Value for Money allows you to track, report and act on audited development projects abandoned, not executed or poorly implemented in your community to ensure public funds are efficiently, effectively, and economically utilized to improve service delivery to you and other citizens in Nigeria
Stay in the loop, get all project updates straight in your inbox.
