Payment For Housing Estate Not Constructed

Posted on
by OLUDOLAPO TUBI
  • Project Status: N/A

MDA

Federal Mortgage Bank of Nigeria

Project Location/State

N/A State

Award Year

2018

Contract Sum

₦₦0.00

Amount Paid

₦₦487,315,955.00

Unaccounted

₦₦487,315,955.00

Context/Observation

Audit observed that the Bank disbursed the sum of N487,315,955.00 to a Developer within May and October 2012 for the construction of 114 units of houses. Physical inspection of the site in 2017 however, revealed that the contractor has not put up any structure on the site since the payment was made to him.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Managing Director is required to recover the sum of N487,315,955.00 and the accrued interest from the developers and pay same to the government treasury, otherwise sanction stated in FR 3104 should apply.

Executive Action

N/A

Progress Report

N/A

Data Source

2018 Audit Report

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  • Submitted Petition History
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