Audit observed, from the review of the Fund’s Budget Performance report for years 2016 and 2017 that amounts totalling N2,212,515,971.00 was invested as follows:
• N576,470,588.00 in Trust Fund Pensions in contravention of the above Regulation; and
• N1,636,045,383.00 in Government Bonds and Treasury Bills
It was further observed that, apart from the sum of N72,000,000.00 paid to Chapel Hilton/Trust Fund for additional units of sixty million ordinary shares of Trust Fund Pensions at N1.20 per share, vide Payment Voucher No. 05978, dated 18th April, 2017, other documents such as the board’s approval, investment certificates, units of bonds and Treasury Bills purchased as well as their price per unit, were not made available for audit
The Managing Director is required to account for the sum of N2,212,515,971.00, failing which the said amount plus interests accrued therefrom should be paid back to the Federal Government purse. In addition, sanctions within FR 3115 should apply.
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