Audit observed, from the examination of payment vouchers, that the Bank made certain loan disbursements amounting to N4,668,105,127.60 to 97 (Ninety-seven) beneficiaries between February 2017 and December 2018. It was further observed that these disbursements were made to the beneficiaries on the basis of just two documents – Availment Forms and Disbursement Requests. Audit however, noted that the following documents which are expected to be attached to the payment vouchers were unavailable:
(a) Particulars of the Collateral used as security
(b) Bank Guarantee
(c) Credit appraisal
(d) Offer Letter
For example, a particular beneficiary received the sum of N1,500,000,000.00 vide payment voucher No.100716, dated 27th December 2018.
While another beneficiary received the sum of N1,105,000,000.00 vide Payment Voucher No. 095881, dated 20th September 2018, without relevant supporting documents attached to the payment vouchers.
The Managing Director is required to justify the disbursement of the loans without adherence to credit management policy of the bank. Furthermore, evidence of proper documentation of the loan amounting to N4,668,105,127.60 (as stated above) should be provided and presented to the Public Accounts Committees of the National Assembly and the Auditor-General for the Federation, for confirmation. Otherwise, sanction stated in FR 3115 should apply.
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