I.The sum of N48,931,124,278.37 was overcharged against the Statement of Financial Performance of the company for years 2016 and 2019
II.There were no verifiable evidences to justify these expenses as most of the figures contained in the Statement of Financial Performance were different from the balances obtained from the Trial Balance
III.Total expenses in the company’s statement of financial performance for the year ended 31 December, 2016 were higher than the corresponding expenses obtained from the Trial Balance by the sum of N13,073,543,545.25
IV.In 2019, total expenses in the company’s statement of financial performance were higher than the corresponding expenses obtained from the Trial Balance by the sum of N35,857,580,733.12
V.Total expenses in the company’s statement of financial performance as at 31 of December 2016 and 31 of December 2019 amounted to N48,931,124,278.37
The Managing Director and Chief Executive Officer is requested to:
i.Account for the sum of N48,931,124,278.37
ii.Otherwise, sanctions relating to gross misconduct in Financial Regulations 3129 will apply.
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