I.The sum of N15,299,287,129.20 was moved from the Nigeria Special Economic Zones Company Limited (NSEZCO) into the account of Nigeria Export Processing Zones Authority (NEPZA
II.The movement of funds were effected vide the GIFMIS Payment Report from 2017 to 2020. NEPZA did not provide justification for the movement as at the time of audit
III.NEPZA paid the sum of N1,311,500.00 as incorporation expenses for NSEZCO based on a letter forwarded to it by Federal Ministry of Industry, Trade and Investment
IV.There was no approval from the President for the establishment of Nigeria Special Economic Zones Company Limited (NSEZCO) as required by Section 1 (1) of the NEPZA Act;
V.Section 4 (a) of the NEPZA Act 1992 states “In addition to any other functions conferred on the Authority by this Decree, the functions and responsibilities of the Authority shall include: (a) the administration of the Authority and management of all the Export Processing Zones.” The Federal Ministry of Industry, Trade and Investment could not have initiated and/or establish a company as a Special Economic Free Trade Zone which appeared to be a duplication or usurpation of the powers of NEPZA.
VI.The promoters, directors and registered address of NSEZCO was not made available to the audit team for verification.