Audit observed that:
i. The Management of the Authority made payments amounting to 4,999,998.15 (Four million, nine hundred and ninety-nine thousand, nine hundred and ninety-eight naira and fifteen kobo), vide three (3) payment vouchers purportedly for insurance premium for insurance of assets of the Authority.
ii. There were no evidences of insurance policies taken for which the insurance premium was paid, and
iii. The assets were not known as the insurance policy files were not made available for on request.
The Managing Director is requested to:
i. Provide reasons why payments were made for insurance without insurance policy.
ii. Recover and remit to the Treasury the sum of 4,999,998.15 (Four million, nine hundred and ninety-nine thousand, nine hundred and ninety-eight naira and fifteen kobo).
iii. Forward evidence of remittance to the Public Accounts Committees of the National Assembly, and
iv. Otherwise, apply sanctions relating to irregular payment specified in paragraph 3106 of the Financial Regulations.
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