Senate Queries FG’s Investment in UK Firm, Power Project

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The Senate on Monday queried the lack of evidence of the Federal Government’s investments in a UK firm, Crown Agents Bank, other financial institutions and power projects amounting valued at N1.1 trillion.

The Senate Committee on Public Accounts in a report after the conclusion of an investigation said there are share certificates to back up the claims of investment in the Crown Agents Bank and National Integrated Power Project.

Crown Agents Bank is a United Kingdom-based wholesale foreign exchange and cross-border payment services provider.

The committee’s report was based on the 2015 audit report by the Auditor General of the Federation (AuGF).

The panel accused the AuGF of failing to present a share certificate to authenticate the genuineness of the Federal Government’s N46 billion investments in Crown Agents Bank and financial institutions in Nigeria.

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The committee questioned the N547.8bn in the opening balance in the National Integrated Power Project (NIPP) at the beginning of 2015 as there were no additional investments in the power sector during the year under review.

“It was observed that the Federal Government of Nigeria had an additional investment in the sum of N46.3bn and total disposal of investment of N134.3bn as at year ended, 2015,” the senate committee said in the report.

“Also, there was no written authority for the disposal of the sum of N134.3bn as the account into which the proceeds were credited was not provided for audit confirmation.

“There was no additional investment in the power sector during the year under review as against the N547bn opening balance of investment in the National Integrated Power Project at the beginning of 2015.

“The Accountant-General of the Federation was required by the Auditor-General to provide the authorities for all the additional and disposal of investment during the year under review and provide the share certificate of all the additional investment for audit verification.”

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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