Audit further observed that, the sum of N200,670,992.36 was paid to 2 companies Platts/McGraw International Financial and Informa UK Ltd as Subscription for intelligence gathering for the agency. No due process was followed in the engagement of these multinational companies as there was no evidence of contracts award and agreement.
There was no payment voucher raised for the payments in contravention of Financial Regulation 601, as the CBN was only advised to make payment by transfer of funds in foreign currency on the prevailing market rate. The audit teams consider this open ticket operation as susceptible to financial manipulation as there was also no letter of advice from the Ministry of Justice in line with extant regulations.
This anomaly was due to the failure of the Executive Secretary to ensure that internal control procedures are properly followed.
The Executive Director is required to account for the sum of N200,670,992.36 and remit same to the CRF, and evidence of remittance forwarded to the Public Accounts Committee of the National Assembly. Sanctions in line with FR 3106 should apply.
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