Wednesday, 6 September 2017

How Nigerian Embassy in Israel squandered N332 million, $493,111, in two years – Audit Report.

Minister of Foreign Affairs
[Photo credit: Bulet International (Nig.) Ltd]

The Nigerian embassy in Israel mismanaged funds totalling $493, 111 and another N331 million (N331,461,392) of the total revenue generated and received between 2013 and 2015, an audit report reviewed by PREMIUM TIMES reveals.

The annual report of the Auditor-General of the Federation for the year ended 2015, said the embassy could not account for the funds in its records submitted for review.

A total sum of $858,704 (3,091,337 Shekels) was reportedly generated as revenue in respect of visas and administrative charges in the period under review, but only $365, 593 was remitted into the designated account, the report, the latest from the Auditor General revealed.

During the same period, the embassy was granted Authority to Incur Expenditure, AIE, in the sum of N517,247,500.
However, only N185, 786, 171 was accounted for by the embassy.

The report noted that this development has left the embassy with a deficit of $493, 111 and N331, 461, 392 which the permanent secretary ‘was unable to explain.’

The report gave further details of its findings.

Between 2013 and 2015, $187, 554 (675,196 shekels) was transferred from revenue to overhead accounts as revealed in the revenue cashbooks.

The amount was said to have been borrowed from the Internally Generated Revenue, IGR, account for the period but was never paid back.

The audit revealed further that out of 1,860,544 Shekels generated by the embassy, 760,466 Shekels was remitted to J.P. Morgan between 2014 and 2015.

This created a deficit of about $305,577 (1, 100, 078 Shekels).

J.P Morgan is a U.S. multinational banking and financial services holding company headquartered in New York City.

By Kemi Busari.
Full story at Premium Times NG.

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