Audit observed that:
1.The two separate records obtained from its Abuja Liaison office showed a conflicting account of NPA’s shareholding in Agura Hotels. While the internal auditors’ report indicates that NPA holds 73.27% of total shares of Agura Hotels, detailed shareholding analysis report obtained from Abuja Liaison Office showed
that it holds 62.8% shares issued in the Hotel,
2. There was no documentary evidence of return on investment to the Authority inform of dividend over the years. It was gathered that the Hotels have consistently reported operational losses.
The Managing Director is requested to:
i. Reconcile the conflicting percentage of ownership in Agura Hotel with documentary evidence to support the current position, by furnishing copies of the share certificate issued to the Authority.
ii. Justify the non-return on investment by the Hotel to NPA over the years, and
iii. Otherwise, apply sanctions relating to failure to collect and account for Government Revenue in paragraph 3112 of the Financial Regulations
N/A
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