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Thursday, 8 March 2018

EFCC Reacts To Senate's Allegation Accusing It Of Refusing To Submit Audited Accounts

EFCC Reacts To Senate's Allegation Accusing It Of Refusing To Submit Audited Accounts

EFCC operatives

Following latest accusations against the Economic And Financial Crimes Commission by the Senate, EFCC has responded.

The Economic and Financial Crimes Commission has issued a statement over allegation by the Senate that it is among 256 Federal Government’s agencies and parastatals who have refused to submit their audited accounts to the Auditor-General of the Federation, as required by Section 85(3) of the Constitution.

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Recall that the Senate issued an ultimatum to the affected agencies saying failure will not go without consequences. Responding to the allegation, the EFCC said: "Unaudited Account! Certainly Not EFCC

Certainly, it can not be true that the EFCC has not submitted audit report to the Office of the Auditor Genaral of the Federation, OAGF since inception! Certainly not. We shall keep you posted."

Recall that while considering the report by the Committee on Public Accounts on the ‘Status of Compliance of Parastatals’ Submission of Audited Accounts’ at the plenary on Wednesday, the Senate said only about 10 per cent of the 491 bodies had presented reports of their audited reports to the Auditor-General of the Federation, as required by Section 85(3) of the Constitution.

In the report, the committee said 85 bodies had never submitted their reports since their creation.

Most prominent in this category are the Ajaokuta Steel Company, Ajaokuta, Kogi State; Bank of Agriculture, Kaduna; Bank of Industry, Abuja; Economic and Financial Crimes Commission, Abuja; Nigeria Football Federation, Abuja; and the Transmission Company of Nigeria, Abuja.

The report also said said 47 bodies had fully complied, while those with arrears of between one and two years were 235; those between three and five years were 103; those between six and 10 years were 17; while those with 11-year arrears and above were four.

Most prominent among those who have arrears of more than two years are the Bureau of Public Enterprises (8), Bureau of Public Procurement (7), Debt Management Office (6), Federal Roads Maintenance Agency (7), Federal Mortgage Bank of Nigeria (6), Financial Reporting Council (6), and the Independent National Electoral Commission (6).

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Other prominent ones with six-year arrears are the Nigerian National Petroleum Corporation, National Health Insurance Scheme, Nigerian Maritime Administration and Safety Agency, Nigerian Institute of International Affairs, National Insurance Commission, and the Nigerian Meteorological Agency.

Bodies like the Corporate Affairs Commission, Nigerian Ports Authority, National Pension Commission, National Bureau of Statistics, Securities and Exchange Commission also have between four and five years arrears.

Listing its findings, the committee said, “Many parastatals are unwilling to submit their audited accounts without being compelled and this is in violation of their establishment Acts. Some parastatals do not take accountability in public expenditure seriously.

“There are no prescribed penalties for offenders of non-timely submission of audited accounts. There are serious consequences for this offence in other climes.”

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