Audit observed that the sum of N467,416,160.00 was paid to four (4) Bureaux De Change (BDC) in 2013 and 2014 as course fees or estacode allowances, instead of the consulting firms that organised the trainings, or the benefiting officers of Fund who were to undertake the international trainings. Moreover, evidence of contractual agreement between the Fund and the BDC was not provided for audit. In addition, there was no evidence to show that the amounts paid to the BDC, got to the ultimate beneficiaries.
The Managing Director is required to explain why payment of course fees and estacode allowance was made to the BDC instead of the consulting firms and staff who were purportedly to embark on the international travel for training, failing which the sum of N467,416,160 should be recovered and paid back to treasury. Also, sanctions stated in FR 3106 and 3115 should apply.
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