The Senate has queried the federal government’s N1.1 trillion investments in Crown Agents Bank and some other financial institutions.
Crown Agents Bank is a United Kingdom (UK) regulated provider of wholesale Foreign Exchange and cross-border payment services connected across frontier and emerging markets.
In the report adopted by the Senate last month before proceeding on annual recess, the accountant-general of the federation( AGF), was accused of failing to present shares certificates to authenticate the genuineness of the federal government investments in Crown Agents Bank and Financial Institutions in Nigeria.
Also stated in the report is that there were no additional investments in the power sector during the year under review, as against N547.8 bn being the opening balance in the National Integrated Power Project (NIPP) at the beginning of 2015.
The report stated further that Crown Agents disposed of investment totaling N3bn while additional investments amounting to N439.7bn were also acquired during the year under review without documentary evidence.
Account where the proceeds of the disposal of the sum of N3bn credited, was not provided for audit confirmation.
It was revealed that about N239bn investment was an overcast recorded in the 2014 investment.
But, the Office of the Accountant General of the Federation in its response said, “ The accountant-general of the Federation stated that the investment of N10bn and N16.8bn in Nigeria Bulk Electricity Trading Plc and Galaxy Backbone Plc, respectively, did not occur in year 2015 but we’re investment omitted from previous statement while the investment of N20bn in Development Bank of Nigeria was a new Federal government of Nigeria Investment.
“The additional investment of N160m in the Infrastructure Bank was as a result of the subscription of the Right Issue declared by the Bank.”
The committee chaired by Senator Urhoghide, however, rejected the explanation of the accountant-general as he was unable to produce a share certificate.
Based on the committee’s presentation, the senate therefore asked the Office of Accountant General of the Federation to provide a share certificate to the Auditor General of the Federation for Audit within 69 days.