I. The sum of N91,095,450,000.00 which appeared in note 14 of the consolidated financial statements for the year ended 31st December 2018 (schedule for the Property; Plant & Equipment) could not be verified and reconciled with the Assets Register due to non-existence of proper Non-Current Asset Inventories Ledger
II. Inventories of Raw Materials amounting to N4,459,141,000.00 and Consumables amounting to N2,364,112,000.00 as shown in Note 16 of the financial statements for the year ended 31 December 2018 could not be verified due to non-existence of proper Inventory Receipts & Issues ledger; and
III. In all, a total of N97,918,703,000.00 reported in the company’s financial statement could not be confirmed.
The Managing Director/Chief Executive Officer is requested to:
i.Account for the sum of N97,918,703,000.00
ii.Otherwise, sanctions relating to irregular or wrong payment stated in paragraph 3106 of the Financial Regulations should apply.
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