Zamfara: Commission Receives Memo On Misappropriation Of $99m

The commission of  inquiry on revenue and expenditure set up by the Zamfara State government to probe former Governor Mahmud Aliyu Shinkafi has held its inaugural sitting and received a memo from Idris Bala and Co., Chartered Accountants and Tax Practitioners. Idris Bala and Co. is the external audit firm employed by the state government on the alleged misappropriation of $99m.

According to the external auditors,$99m  was refunded to the state government through the Intercontinental bank now Access bank by the Paris Club following the debt forgiveness by the institution but was swallowed by the already overdrawn account and cannot be said to be tied to any specific project but rather used to settle indebtedness to the bank.

The auditors  noted that it was imperative that explanation on what the first amount transferred, the sum of $44m  was expended on, saying that on 4th January when the said sum was transferred to the main account No. 01011830398 the account already had a debit balance of N6,520,770,124.31 which practically swallowed the amount transferred and still left a debit balance of N1,421,170,124.31 to be settled.

They then maintained that there was need for explanation on what gave rise to the overdrawn account  to the tune of N6,520,770,124.31 which subsequently devoured the sum of $44m from the refund of Paris club debt.

The unnecessary back and forth  transfers caused the state unnecessary bank charges to the tune of N24,956,315.46.
Meanwhile further hearing had been adjourned to  23 August 2012.

Posted: at 27-07-2012 02:16 PM (12 years ago) | Upcoming

Everywhere corruption, even person wey no fit spell "Money" sef, dey tif Naija money.   

Posted: at 27-07-2012 04:07 PM (12 years ago) | Hero