Periodic checks conducted at the Bank covered the period up to 31st December 2016. Audit observed, from the examination of loan recovery records, that the Bank’s total non-performing loans in respect of Primary Mortgage Banks (PMB’s), EDL and MPHSC stood at N143,874,535,762.70 as of 31st December 2016. Audit further observed that the bank failed to institute more strategies for loan recovery and restructuring for easy collection.
The Managing Director is required to justify the failure of the Bank to recover the loans when they matured, thereby leading to them becoming non-performing. Also, sanctions stated in FR 232 and 3112 should apply.
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