unauthorised transfer from capital to eurobond ledger

Posted on
by OLUDOLAPO TUBI
  • Project Status: N/A

MDA

Rural Electrification Agency (REA), Abuja

Project Location/State

Award Year

2019

Contract Sum

₦₦0.00

Amount Paid

₦₦969,430,459.15

Unaccounted

₦₦969,430,459.15

Context/Observation

Audit observed that:
i. The sum of 969,430,459.15 (Nine hundred and sixty-nine million, four hundred and thirty thousand, four hundred and fifty-nine naira, fifteen kobo) was transferred from capital ledger to Eurobond ledger and the evidence of utilization by the Agency was not provided;
ii. The payment voucher for this transfer was not presented to the audit team on request; and
iii. The purpose of the transfer was neither provided for nor the funds returned to the account.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Managing Director is requested to:
i. Account for the sum of 969,430,459.15 (Nine hundred and sixty-nine million, four hundred and thirty thousand, four hundred and fifty-nine naira, fifteen kobo) transferred from capital ledger to Eurobond ledger;
ii. Provide payment vouchers for this transfer;
iii. Submit evidence of utilization of the fund by the Agency to the Public Accounts Committees of the National Assembly; and
iv. Otherwise, apply sanctions relating to irregular or wrong payment of funds in Financial Regulations 3106.

Executive Action

N/A

Progress Report

N/A

Data Source

2019 Non compliance Audit report of the FG

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  • Submitted Petition History
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