Audit review of reports from Risk Asset Management Department of BOA Ltd. on Non-
Performing Loans (NPL) observed that:
i. The NPL as at 31st December, 2018 stood at 49,149,835,902.37 (Forty-nine billion, one hundred and forty-nine million, eight hundred and thirty-five thousand, nine hundred and two naira, thirty-seven kobo) representing an NPL ratio of 55.86 as against the industry average of 30%;
ii. The NPL as at 31st December, 2019 was 75,595,161,603.91 (Seventy five billion, five hundred and ninety five million, one hundred and sixty one thousand, six hundred and thirteen naira, ninety one kobo) representing an NPL ratio of 83.51 as against the industry average of 30%;
The Managing Director is requested to:
i. Justify the rising non-performing loans to the Public Accounts Committees of the National Assembly;
ii. Furnish evidence of recoveries from the non-performing loans of 75,595,161,613.91 made to the Public Accounts Committees of the National Assembly;
iii. Furnish the list of all litigations brought against the defaulting clients through various courts to the Public Accounts Committees of the National Assembly;
iv. Provide details of the age analysis of the non-performing loans to the Public Accounts Committees of the National Assembly;
v. Furnish the strategic action plan to turn-around the bank and return it to the part of profitability; and
vi. Otherwise, apply sanction relating to gross misconduct in paragraph 3129 of the Financial Regulations.
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