The Chairman of the committee, Wole Oke, said it was discovered that the two entities had not paid their equity shares in FMBN.
The FMBN was summoned by the committee alongside the Tertiary Education Trust Fund (TETFund) over their agency’s five years unaudited accounts.
According to the committee, the CBN and NSITF have not paid up their 30 and 20 per cent equity capital respectively as shareholders of the bank as stipulated by the FMBN Establishment Act.
Making a submission, the FMBN Managing Director (MD), Ahmed Dangiwa, explained that the federal government owed and had paid N60m out of the N1.5bn; being its 50 per cent share of equity in the bank.
By Udora Orizu
The House of Representatives Committee on Public Accounts yesterday expressed dismay over the failure of the Federal Mortgage Bank of Nigeria (FMBN) and Tertiary Education Trust Fund (TETFUND) to audit their accounts for five years, describing it as worrisome and gross violation of the 1999 Constitution (as amended).
The Chairman of the committee Hon. Oluwole Oke, at an investigative hearing on audit queries by Auditor-General of Federation on Ministries, Departments and Agencies (MDAs), had grilled the Managing Director of FMBN, Mr. Ahmed Dangiwa, and other officials of the agency on the unaudited accounts.
Oke expressed dissatisfaction with non-compliance of the agencies to the extant provision of the laws on audited accounts despite having made previous appearances before the committee on the contentious issue.
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.
Share
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.
Afropages - Reps express anger over 5 years unaudited accounts of FMB, TETFUND afropages.fr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afropages.fr Daily Mail and Mail on Sunday newspapers.