Audit observed that the title to a plot of land owned by the Bank, at Asokoro, Abuja was revoked by the Federal Capital Development Authority. The value of this plot of land as stated in the 2017 financial statements was N647,628,000.00. No document relating to this purported revocation or replacement of the revoked ownership of the land was provided for audit confirmation.
It is expected that a plot of land belonging to one government agency cannot be revoked by another government agency or another tier of government without providing sufficient grounds for such revocation, and the notice of revocation, ought to have been communicated to the agency that owns the land. No correspondence from Federal Capital Development Authority (FCDA) was made available for audit verification and confirmation. This raises doubt on the validity of the claim that the land which belonged to the Bank was revoked by FCDA.
It was further observed that the plot of land under reference was considered to be fully impaired as a result of the revocation, and it carrying value was removed from the assets of the Bank, thereby reducing public assets by that value.