MDA

Bank Of Industry

Project Location/State

N/A State

Award Year

2018

Contract Sum

₦₦0.00

Amount Paid

₦₦0.00

Unaccounted

₦₦46,236,341,600.00

Context/Observation

Audit observed, from the review of the bank’s financial statements, that the bank failed to remit the sum of N46,236,341,600.00, being 80% of the operating surplus of N57,795,420,000.00 realised by the Bank from years 2016 to 2018 into the Consolidated Revenue Fund of the Federal Government.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Managing Director, is required to provide evidence of exemption obtained from the relevant authorities, failing which he should remit the outstanding operating surplus in the sum of N46,236,341,600.00 for years 2016 to 2018 in line with extant circulars cited above plus the accrued interest (if any), otherwise sanctions stated in FR3112(i) and (ii) should apply.

Executive Action

N/A

Progress Report

N/A

Data Source

2018 Audit Report

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