Audit observed that amounts totalling N926,534,950.00 was paid to some legal practitioners in respect of legal services rendered to the Fund. There was no evidence to show that Value Added Tax and withholding tax amounting to N138,980,242.50 were remitted to the relevant tax authorities.
The Managing Director is required to remit the sum of N138,980,242.50 to the relevant tax authorities, failure which sanctions within Financial Regulation 234 (ii) and (iii) should apply.
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