Unsubstantiated Loan Written Off

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

MDA

Bank Of Industry

Project Location/State

N/A State

Award Year

2018

Contract Sum

₦₦0.00

Amount Paid

₦₦247,991,000.00

Unaccounted

₦₦247,991,000.00

Context/Observation

Audit reviewed the loan portfolio of the Bank and observed that N247,991,000.00 of public funds, comprising of N61,399,000.00 in 2016; N30,833,000.00 in 2017 and N155,759,000.00 in 2018 which were given as loan to various beneficiaries has been written off without justification. The grounds for the write off were not disclosed and no documents regarding this write off were made available for audit scrutiny. There was no evidence to show that the relevant authorities as outlined in the FR referenced above were informed before the write off.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Managing Director is required to provide details of all loans that have been written off for audit confirmation. Such details should include but not limited to:
(a) Loan amount
(b) Name of borrower
(c) Date of grant
(d) Amount recovered so far
(e) Maturity date
(f) Interest abandoned
(g) Reasons for write-off
Furthermore, payment vouchers and supporting documents relating to these loans should also be forwarded to the Public Accounts Committee and Office of the Auditor-General for the Federation, failing which the sum of N247,991,000.00 should be paid into the CRF of the Federal Government. Also, sanction stated in FR 3129 should apply.

Executive Action

N/A

Progress Report

N/A

Data Source

2018 Audit Report

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