Audit observed that the sum of N100, 000,000.00 was paid to a pension fund administrator (PFA) vide payment voucher number 01444 dated 13th December, 2012 as refund of deposit made in December 2010 towards the purchase of two of the Fund’s properties located at No. 1, Social Insurance Road, Kano, Kano State and No. 302, Port Harcourt-Aba Express way, Rivers State.
The payment was necessitated by a letter written by the PFA dated 23rd October 2012 demanding for the refund of the amount since the transaction could not be concluded. Evidence of initial deposit of the amount to justify the refund was however, not presented for audit. The transaction is therefore doubtful and difficult to be regarded as a legitimate charge against public funds.
The Managing Director is required to account for the sum of N100, 000,000.00, paid to the pension fund administrator, failing which the amount should be recovered and paid back to
Treasury. Also, sanctions stated in FR 3106 should apply.
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