Audit observed that Mercedes Benz Jeep purchased by the Centre in 2015 was approved for disposal in 2018 and sold to an individual for N500,000.00 which was paid in cash. The Centre did not comply with the requirement of carrying out the required valuation of the asset in line with the provision of the law. No evidence was provided to prove the remittance of the sales proceeds to the CRF. This infraction was due to the failure of the Executive Director /CEO to strictly comply with the provision of extant laws and regulations, especially as it relates to the processes guiding the disposal of assets of the Federal Government. The relevant provisions of the extant laws are clear on this.
The Executive Director /CEO is required to justify the failure to sell the disposed asset at its fair value. He/she should also recover and remit the sum of N500,000.00 to the CRF. Evidence of remittance should be forwarded to the Public Accounts Committee of the National Assembly. Sanctions in line with FR 3112 should apply.
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