The Senate Committee on Public Accounts has uncovered how the Financial Reporting Council of Nigeria paid N66 million for two-year office rent without occupying the building.
The sum of N42 million was paid as rent to Japaul Oil and Maritime Services for office space at Japaul Building. N23.4 million was paid to Sola Oluseyi & Co, as legal and agency fee for the office space, making a total of N66 million for two years.
The Council is yet to move into the building after 20 months, with 4 months left to its expiration.
The committee, while considering a 2018 report of the Auditor-General for the Federation, also discovered how the agency used 64 vouchers to siphoned N28 million.
The Council is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria.
The Chairman of the committee, Senator Matthew Urhoghide, during the panel’s hearing on the report, said the breakdown of the N66 million showed that the FRA paid N42 million for rent and N23.4 million as a legal fee.
He said after payment, the agency was yet to move into the building four months to the expiration.
The alleged financial malfeasance occurred during the tenure of Jim Obazee as Executive Secretary of the Council, according to the report.
Credit: dailytrust.com
The post FRC paid N66m for office rent without occupying it -Audit Report appeared first on The Chronicle Online.
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