Reps Worries over 5 years Unaudited Account of Federal Mortgage Bank, TETFUND

The House of Representatives Committee on Public Accounts on Thursday expressed fury over the existence of five years unaudited accounts of the Federal Mortgage Bank of Nigeria FMBN and the Tertiary Education Trust Fund TEFFUND, describing it as worrisome and gross violation of the 1999 Constitution, as ammended.

The Committee also uncovered and lamented that the Central Bank of Nigeria CBN and the Nigeria Social Insurance Trust Fund NSITF had not paid up their 30% and 20% equity capital as shareholders of the bank as spitulated by the FMBN establishment Act.

Chairman of the House Committee Hon.Oluwole Oke and other lawmakers at an investigative hearing on Audit queries by Auditor-Genaral of Federation on Ministries Departments and Agencies MDAs had queried the Management of Bank under its Managing Director ,Mr Ahmed Dangiwa and other officials of the agency on the five years unaudited accounts.

Oke lamented that the audit queries raised by the Office of Auditor-General of the Federation on the MDAs had shown that the revenue profile of the the agencies was on the decline as earlier pointed out by the Ministry of Finance

He expressed dissatisfaction with non-complaince of the agencies to the extant provision of the laws on audited accounts despite having made previous appearances to the Committee on the contentious issue.

He wondered why the the Central Bank of Nigeria CBN and the Nigeria Social Insurance Trust Fund NSITF had not pay up their 30% and 20% share of the mortgage bank’s equity in which the Federal Government was 50% share.

But the Managing Director Mr Ahmed who explained that the Federal Government had paid N60 million out of the N1.5 billion being its share of equity in the bank informed the committee that the the audited accounts were ready but was only awaiting agency’s board approval.

He further hinted that the present management of the bank had inherited the five years unaudited accounts from their predecessors in office adding that they have made efforts to clear the outstanding.

On the percentage equity shareholders capital in the mortgage bank, he said that the Federal Government owns 50%, CBN owns 30% while the Nigeria Social Insurance Trust Fund NSITF’s share is 20%.

While ruling on the matter, the Chairman of the Committee said that the Clerk should write to the appropriate authorities in the CBN and NSITF asking them to pay up their equity shareholding in the mortgage institution.

Earlier, the Committee had turned down the presentation one Mr Idris Alkali a representative of the Executive Secretary of TETFUND Prof Suleiman Bogoro who asked he be excused for attending official duities.

The House Committee nonetheless insited that Mr Alkali must appear with authority letter from the TETFUND boss to represent him before the Committee unfailingly on Friday ( today) February 5, 2021 in accordance with the provisions of the law

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