MDA

Federal University of Technology, Owerri

Project Location/State

Imo State

Award Year

2015

Contract Sum

₦59.7m

Amount Paid

₦43.8m

Unaccounted

₦34.2m

Context/Observation

Contract for furnishing of the Academic Office Building was awarded to a contractor in the sum of ₦59,751,077.05 (Fifty nine million, seven hundred and fifty one thousand, seventy seven naira and five kobo) on 16th February, 2015 with completion period of 24 weeks. Review of the Project Status Report revealed that the sum of ₦43,812,477.25 (Fourty three million, eight hundred and twelve
thousand, four hundred and seventy seven naira and twenty five kobo) representing 73% of the contract sum was already paid to the contractor, even when the level of work done (project achievement) was only 16% valued at ₦9,560,172.33.
It was further observed that after collecting the sum of ₦34,252,304.92 (Thirty three million, two hundred and fifty two thousand, three hundred and four naira, ninety two kobo) being the difference between the actual sum collected of ₦43,812,477.25 and the sum of ₦9,560,172.33 for the 16% of actual work done, the contractor abandoned the contract.

Legislative Recommendation

N/A

Executive Action

N/A

Progress Report

N/A

Data Source

2017 Audit Report of the Federation

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