Audit observed that the Bank, on approval of the Board, paid the sum of N149, 350,000.00 to a primary mortgage bank in September 2014. The payment which was tagged Batch 24 was to be disbursed to fourteen applicants.
Audit however, observed that only the sum of N67,200,000.00 was disbursed to five beneficiaries, leaving a balance of N82,150,000.00 yet to be disbursed to the nine remaining applicants. Reasons as to why the balance were not disbursed to the remaining applicants were not provided for audit.
Similarly, the sum of N6,510,000.00 was paid to a beneficiary through a primary mortgage bank who later rejected the money. It was however, observed that the primary mortgage bank is yet to return the money.
The Managing Director is required to recover the sum of N88,660,000.00 from the said Primary Mortgage Banks and ensure it is paid back into government coffers, otherwise sanctions stated in FR 3115 should apply.
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