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Senate flays FMBN for spending N14 2b on unexecuted housing projectNigeria — The Guardian Nigeria News – Nigeria and World News

Senate flays FMBN for spending N14 2b on unexecuted housing projectNigeria — The Guardian Nigeria News – Nigeria and World News
guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.

Senate probes FMBN over payment to contractor without project execution

Senate probes FMBN over payment to contractor without project execution
today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.

Senate Queries FMBN over Alleged Payment of N14bn for Unexecuted Project

Deji Elumoye and Udora Orizu in Abuja The Senate Committee on Public Accounts has queried the Federal Mortgage Bank of Nigeria (FMBN) over alleged payment of N14 billion to a contractor who failed to construct the expected 963 housing units at Legacy Estate in Abuja. The Committee chaired by Senator Mathew Urhoghide based the query on the 2018 Auditor General of the Federation (AuGF) report which is being considered by the lawmakers. The Auditor General had in its report stated that contract price for setting up Legacy Estate was awarded at N10 billion, however a total of N14.2 billion was disbursed to the contractor between 22nd November 2012 and 29th April 2013, thereby resulting in an overpayment of N4.2 billion.

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