Reps express sadness over 5 years unaudited account of Federal Mortgage Bank, TETFUND peoplesdailyng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from peoplesdailyng.com Daily Mail and Mail on Sunday newspapers.
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The House of Representatives Committee on Public Accounts on Thursday deep concern over the 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) were yet to pay up their 30 per cent and 20 per cent 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 the office of the Auditor-Genaral of Federation on Ministries Departments and Agencies (MDAs) of the Federal Government 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.