Investment Property

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

MDA

Ministry of Finance

Project Location/State

Ekiti State

Award Year

2022

Contract Sum

₦N/A

Amount Paid

₦NGN 0.00

Unaccounted

₦NGN 0.00

Context/Observation

The investment property showed a net book value of N22,523,420,102.10 as at 31st December, 2022 after annual depreciation of N503,699,951.06 was charged. The increase in Net book Value of investment property for the year under review from N12,227,972,500.00 in the previous year was as a result of new investment properties that were recognized during the year under review.
There were no returns recognized from the investment property which had a cumulative depreciation of N2,661,577,451.06. The fact that the property investments did not yield any revenue despite depreciation charged yearly is of serious concern to audit.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

N/A

Executive Action

N/A

Progress Report

N/A

Data Source

N/A

Project Gallery

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  • Submitted Petition History
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