Unrecovered Loans Granted to Estate Developers

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

₦₦95,000,000,000.00

Unaccounted

₦₦95,000,000,000.00

Context/Observation

Audit observed that the Bank made a loss of over N95 billion through projects loans granted to unqualified Estate Developers that lacked technical competence. It was further observed that the value of the collaterals used in securing the facilities were grossly inadequate.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Managing Director is required to provide explanation for the unrecovered loan in the sum of over N95 billion and to the recover the amount from the beneficiaries, failing which sanctions stated in FR 232 should apply.

Executive Action

N/A

Progress Report

N/A

Data Source

2018 Audit Report

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  • Submitted Petition History
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