Audit observed from the examination of payment voucher with Voucher No. 091250, dated 28th September 2018 that the Bank placed the sum of N100,000,000.00 managed funds with a deposit money bank as fixed deposit at an interest rate of 13% per annum. This amount could not be traced to the Cash book and bank account statement of the bank to confirm the validity and authenticity of the transaction. Furthermore, no evidence such as debit or credit advice was tendered as a confirmation that the bank is the beneficiary of the purported placement.
The Managing Director is required to henceforth ensure that all managed funds that are placed under any terms must be properly documented. Also, the following documents relating to the N100,000,000.00 managed fund stated above should be provided to the Public Accounts Committees of the National Assembly and the Auditor-General for the Federation:
(i)Excerpt of the cash book where the transaction was entered
(ii)Bank statement from the recipient/third party bank relating to the transaction
(iii)Debit or credit advice received from the bank as may be applicable
(iv)Investment register where the placed fund was entered
(v)Terms and conditions of placement
Otherwise, sanctions stated in FR 3106 and 3115 should apply.
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