The management of the agency claimed to have obtained a total loan of N23,775,600 and also made load repayment of N27,825,000 within the period covered by the audit exercise. Audit established that the loan transactions did not follow due process and were carried out in fragrant disregard of the law that established the agency. Section 50(1) of the Agency’s law which provides that the agency must secure approval of the state executive council subject to the approval of Anambra State House of Assembly before obtaining any loan was not complied with.
Consequent upon the above, the Management Director was requested to account for the sum of N23,775,600 and N27,825,000 claimed to be load procured and repaid respectively on behalf of the agency during the period covered by the audit exercise. He is to produce all documented evidence of authority and approval for the load, load agreement, interest rate, utilization and repayment procedure and forward same to me for confirmation and further verification.
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