Audit observed that:
i. The sum of 67,000,000.00 (Sixty-seven million naira) was invested in a Commercial Bank via a fixed deposit instruction.
ii. Relevant documentary evidence such as Certificate of Investment showing Interest Rate and tenure was not presented for examination.
iii. Approval of the Accountant-General of the Federation on the Investment was not made available for verification, and
iv. Approval of the President of the Federal Republic of Nigeria to operate the account with commercial bank outside the Treasury Single Account (TSA) was not presented for scrutiny.
The Director-General is requested to:
i. Furnish reasons for making investment in commercial bank without complying with extant regulations on such investment.
ii. Provide authorization for the investment of 67,000,000.00 (Sixty-seven million naira) in a commercial bank.
iii. Provide approval from the President of the Federal Republic of Nigeria to operate Commercial Bank Account outside Treasury Single Account (TSA);
iv. Recover and remit the sum of 67,000,000.00 with accrued interest to the Treasury.
v. Forward evidence of remittance to the Public Accounts Committees of the National Assembly, and
vi. Otherwise, apply sanctions relating to poor cash management and gross misconduct specified in paragraphs 3115 and 3129 of the Financial Regulations respectively.
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