Non-payment of outstanding equity by share holders [Central Bank of Nigeria and Ministry of Finance incorporated (MOFI)]

Posted on
by OLUDOLAPO TUBI
  • Project Status: N/A

MDA

Bank of Agriculture (BOA)

Project Location/State

Award Year

2019

Contract Sum

₦₦0.00

Amount Paid

₦₦0.00

Unaccounted

₦₦0.00

Context/Observation

Audit observed that:
i. Despite the approval of Mr. President in 2001, Ministry of Finance Incorporated (MOFI) paid a total of N27.7 Billion in instalment over a period of 14 years, with additional N1.5Billion paid in 2018, while Central Bank of Nigeria paid 3.6 Billion in 2003 having earlier paid N400Million between April 1980 and October, 1993
ii. The amount of N16, 391,595,860.00 (Sixteen billion, three hundred and ninety-one million, five hundred and ninety-five thousand, eight hundred and sixty naira) is outstanding equity yet to be paid by the shareholders.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Managing Director is requested to:
i. Furnish evidence of engagement with the shareholders on the provision of adequate funding to boost the BOA capital base to the Public Accounts Committees of the National Assembly, and
ii. Otherwise, apply sanction relating to gross misconduct in paragraph 3129 of the Financial Regulations.

Executive Action

N/A

Progress Report

N/A

Data Source

2019 Non compliance Audit report of the FG

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  • Submitted Petition History
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