Audit observed, from the review of the Bank of Agriculture Management Accounts
Statement of Comprehensive Income for the year ended 31st December, 2017 and 2019
that:
i. A loss of 10,108,455,000.00 (Ten billion, one hundred and eight million, four hundred and fifty-five thousand naira) was reported in 2017;
ii. Similarly, a loss of 8,077,637,000.00 (Eight billion, seven-seven million, six hundred and thirty-seven thousand naira) was reported for the year ended 31st December, 2018;
iii. A loss of 31,396,886,000.00 (Thirty-one billion, three hundred and ninety-six million, eight hundred and eighty-six thousand naira) was also reported for the year ended 31st December, 2019; and
iv. The capital adequacy ratio is below the regulatory minimum of 10%, which indicates the existence of material uncertainty which casts significant doubt on the Bank’s ability to continue as a going concern.
The Managing Director is requested to:
i. Furnish the Public Accounts Committees of the National Assembly with strategies put in place to reverse the trend and return the Bank to profitability; and
ii. Otherwise, apply sanction relating to gross misconduct in paragraph 3129 of the Financial Regulations.
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