Audit observed that a sum of N500,000,000.00 belonging to Federal Mortgage Bank Nigeria had been trapped in a defunct bank since July 2013. While the Bank had been able to recover the sum of N357,793,631.70, the balance of N142,206,368.30 (exclusive of accrued interest) was yet to be recovered from the acquirer as of the time of audit in 2017. It was also observed that there was little evidence of efforts made by the Management to recover the balance from the acquirer.
The Managing Director is required to recover the sum of N142,206,368.30 and the accrued interests, failing which sanctions stated in FR 232 should apply. The Office of the Auditor- General for the Federation should be informed once the funds are recovered, and evidence of same should be provided for Audit verification.
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