OrderPaperToday – The House of Representatives Committee on Public Accounts (PAC) has queried the Federal Mortgage Bank of Nigeria (FMBN) over unaudited accounts over a five years period.

The committee on Thursday described the development as disturbing and gross violation of the 1999 Constitution (as amended).

The committee also expressed displeasure with the Central Bank of Nigeria (CBN) and the Nigeria Social Insurance Trust Fund (NSITF) for failing to pay up 30% and 20% equity capital as shareholders respectively of the bank as stipulated by the FMBN establishment act.

Chairman of the committee, Mr. Oluwole Oke (PDP, Osun) and other lawmakers at an investigative hearing on audit queries raised by the Auditor-General of Federation (AuGF) on Ministries, Departments and Agencies (MDAs), decried lack of proper management under the current Managing Director (MD) of FMBN, Mr. Ahmed Dangiwa, and other officials of the agency.

Oke further lamented that the audit queries raised by the AuGF had shown that the revenue profile of the agencies was on the decline as earlier pointed out by the Ministry of Finance.

He expressed dissatisfaction with non-compliance 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.

Reacting to the issues raised, Mr. Dangiwa explained that the federal government had paid N60 million out of the N1.5 billion being its share of equity in the bank. He also informed the committee that 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.

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


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