Audit observed that the Regional Centre for International Commercial Arbitration, Lagos (RCICAL) has not submitted the Audited Accounts of the Centre to the Office of the Auditor- General for the Federation from inception to period ended 31st December 2017 in line with the provision of the law.
This infraction was due to the inability of the Executive Director/CEO to take full responsibility and ownership of strictly adhering to the provisions of extant laws and regulations as they relate to the submission of financial statements to the Auditor- General for the Federation.
The Executive Director/CEO is required to justify the lateness in submission and immediately submit the Audited Accounts for 2017 to date and the corresponding Management Letters/Reports in line with provision of the law. These submissions should be made to the Public Accounts Committee of the National Assembly and to the Auditor-General for the Federation. Sanctions in line with FR 3129 should apply.
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