Audit observed from the Fund’s Statements of Account No. 1750011691 with Skye bank plc, for the period 1st January, 2013 to 20th December, 2013, and Statements of Account No.2001754610 with First Bank Plc for the period 7th January, 2013 to 28th February, 2013, that amounts totalling N17,158,883,034.69 were transferred to some persons and companies from these accounts. However, payment vouchers relating to the transfers together with their supporting documents were not provided for audit. Consequently, the purpose(s) for the transfers could not be authenticated.
The Managing Director is required to account for the sum of N17,158,883,034.69, failing which the amount should be recovered and paid back to the CRF. Sanctions stated in FR 3115 should apply.
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