Audit query: Reps give minting company 7 days window over infractions raised by AuGF

The Public Accounts Committee (PAC) of the House of Representatives has given a 7-day window to the Nigerian Security Printing and Minting NSPM Plc over infractions contained in the audit queries raised against it by the office of the Auditor General of the Federation (AuGF) covering 2017-2019.financial years.

The Chairman of the Committee, Hon Busayo Oluwole Oke, ( PDP-Osun) handed down the ruling on Friday when the management of the Agency appeared before it on the Audit queries raised against it which bothered on none rendition of financial accounts and unapproved expenditures running into billions of naira against the financial regulations of the Federal Government.

Hon Oke noted that as a public liability company, every avenue pertaining to issues raised in the queries must be diligently investigated before the Committee would approve the punishments recommended by the AuGF on the alleged infractions.

He added that the window is given to the Agency was for it to provide enough evidence to back up its explanations on the infractions raised by the AuGF.

Queries emanating from the Auditor General Report against the NSPM plc for the years under review had it that a sum of N91.096 million which appeared in the consolidated financial statements as expended on Property, Plants and Equipment could not be verified with the Assets Register due to non-existence of proper non-current inventories ledgers.

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This and similar sceneries which played out to consumables, and not captured in inventory receipts and issues ledgers,
According to the queries catapulted the total cum of amount that could not be confirmed in the company’s financial statement to N98 million.

The audit query also alleged that the NSPM made payments totalling N14.426 million to staff as salaries and allowances between 2016 and 2019 without evidence of approval from the National Salaries, Income and Wages Commission

It also alleged among other things that figures contained in NSPM plc Statement of Financial Performance were different from the balances obtained from the trial balance.

The Agency’s Secretary I.S. Garuba in response to the queries said its financial statements have been IFRS compliant since 2013, adding that its ledgers, inventory receipts were up to date.

He explained further that as a quasi-private entity, the NSPM plc does not go through the Nigeria Income and Wages Commission for the determination of staff salaries and as such overpayment of staff salaries as contained in the queries could not have come up.

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Audit query: Reps give minting company 7 days window over infractions raised by AuGF

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Audit query: Reps give minting company 7 days window over infractions raised by AuGF