Audit observed that a total of N1,393,554,358.45 comprised of N1,079,148,240.58 and N314,406,117.87 granted as loans to six primary Mortgage Banks and a micro finance bank respectively remained outstanding as at the time of audit in 2017. Audit is particularly concerned as to the laxity of the Bank in making efforts towards the recovery of those loans many years after it was granted. It is also of concern to audit that the six Mortgage Banks have since been wound-up.
The Managing Director is required to justify the refusal of the Bank to recover the sum of N1,393,554,358.45 granted as loans and to recover the amount from the beneficiaries and pay same to Treasury, failing which sanctions stated in FR 3112 should apply.
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