Audit observed, from the review of developers’ files and other relevant documents from January 2015 to December 2016 that Management approved loans totalling N4,084,375,408.84 in favour of five developers, out of which a total of N928,678,943.06 were disbursed. Further audit examination however revealed that the five developers did not have the required land titles as contained in the Bank’s loan policy before loans were granted. It was also observed that the developers were yet to mobilize to site as at the time of audit in 2017.
The Managing Director is required to recover the sum of N928,678,943.06 from the developers and pay same to government treasury, failing which sanctions stated in FR 3106 should apply.
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