Audit observed that the sum of N9,913,331,400.57 was approved as disbursement to twenty three Estate Developers for the delivery of 2,469 units of houses under the Estate Development Loan and Ministerial Pilot Housing Scheme Project. It was however observed that the Bank disbursed the sum of N12,049,074,661.77, resulting in an overpayment of the sum of N2,135,743,261.20. No justification for the overpayment was given neither was any approval presented to audit.
The Managing Director is required to provide the approval for the additional sum of N2,135,743,261.20 paid to the Developers or to recover the amount from the beneficiaries and pay back to the Bank, failing which sanctions stated within FR 3106 and 3115 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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