I. The University secured a loan of N81,438,000.00 (Eighty-one million, four hundred and thirty-eight thousand naira) from MAUTECH Microfinance Bank Limited to acquire eight (8) 1.6 Litre Hyundai Elantra Elegance salon cars for members of the University’s Governing Council.
II. The facility was for a tenure of 24 months effective from February 2017, at a monthly flat interest rate of 15%.
III. The loan was obtained without prior approval from the Debt Management Office.
IV. As at the time of audit in April 2020, a total of N10,815,984.60 being interest on the facility plus 2% management fees of N1,628,760.00 totaling N 12,444,744.60 had so far been paid, and.
V. The interest rate as unnecessarily high, particularly owing to the fact that the loan had a period of 10 months remaining.
I. Justify the above infraction by producing the approval from the Debt Management Office.
II. Provide budgetary allocation for the purchase of the vehicles.
III. Recover the sum of N12,444,744.60 plus other accrued interest paid, and remit same to government treasury.
IV. Forward evidence of remittance to the Public Accounts Committees of the National Assembly.
V. Otherwise, apply sanctions relating to poor cash management stated in paragraph 3115 of the Financial Regulations.
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