Unrecovered Balance of The Ministerial Plot Housing Scheme (MPHC) And Outstanding Estate Development Loan Granted to Estate Developer

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

MDA

Federal Mortgage Bank of Nigeria

Project Location/State

N/A State

Award Year

2018

Contract Sum

₦₦0.00

Amount Paid

₦₦3,937,758,457.34

Unaccounted

₦₦3,937,758,457.34

Context/Observation

Audit observed that the Board of Federal Mortgage Bank approved two loans of N1,842,297,220.00 and N1,781,280,000.00 to an Estate Developer on 26th May, 2011 for the construction of 270 mixed housing units of two- and three-bedroom flats at Aviation Village Estate, Sabon Lugbe, Abuja and on 7th August, 2014 for the construction of 300 units of houses at Cadastral E05 Kiyama District, Abuja respectively. Audit examination however, revealed that the developer failed to deliver the projects. No justifiable reason was given as to why the contractor failed to execute the contract.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Managing Director is required to recover the sum of N3,937,758,457.34 from the developer and pay same to the Consolidated Revenue Fund of the Federal Government, failing which sanctions stated in FR 3104 should apply.

Executive Action

N/A

Progress Report

N/A

Data Source

2018 Audit Report

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