{"id":119219,"date":"2025-05-27T18:16:22","date_gmt":"2025-05-27T17:16:22","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=119219"},"modified":"2025-05-27T18:16:22","modified_gmt":"2025-05-27T17:16:22","slug":"fmbn-awards-n264m-contracts-to-unregistered-companies-report","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/fmbn-awards-n264m-contracts-to-unregistered-companies-report\/","title":{"rendered":"FMBN Awards N264m Contracts to Unregistered Companies \u2013 Report\u00a0"},"content":{"rendered":"<div id=\"m#msg-f:1833291435754446092\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">By Daniel Adaji<\/div>\n<div id=\"m#msg-f:1833291435754446092-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div><\/div>\n<div>The Federal Mortgage Bank of Nigeria (FMBN) awarded contracts worth N264,155,773.53 to companies not registered with the Corporate Affairs Commission (CAC), a clear violation of the Public Procurement Act.<\/div>\n<div><\/div>\n<div>This is according to the 2021 audit report by the Office of the Auditor-General of the Federation (OAuGF).<\/div>\n<div><\/div>\n<div>The audit noted that companies not registered with the CAC cannot fulfill essential eligibility requirements.<\/div>\n<div><\/div>\n<div>\u201cContractors not registered as a company under CAC cannot prepare 3 years financial statements, cannot file for tax returns with the Federal Inland Revenue Service, and cannot file for registration with PENCOM,\u201d the report stated.<\/div>\n<div><\/div>\n<div>The report warned of the \u201crisk of loss of government funds and\/or non-performance\u201d due to the bank\u2019s disregard for procurement rules.<\/div>\n<div><\/div>\n<div><\/div>\n<div>It recommended that only companies with \u201cdue registration status with the Corporate Affairs Commission should be considered for any award of contract.\u201d<\/div>\n<div><\/div>\n<div>This alarming discovery is one among several financial infractions detailed in the report.<\/div>\n<div><\/div>\n<div>The auditors found that FMBN also overpaid N36.7m for foreign exchange to fund staff travel, exceeding prevailing exchange rates by nearly 51 per cent.<\/div>\n<div><\/div>\n<div>\u201cThe management of the Bank did not exercise due economy,\u201d the report said, citing a loss of N9,650,211.57 as a result.<\/div>\n<div><\/div>\n<div>Another breach involved the misapplication of N78,190,415 from unauthorized expenditure heads.<\/div>\n<div><\/div>\n<div>This violated Financial Regulation 417, which mandates that \u201cvotes must be applied only to the purpose for which the money is provided.\u201d<\/div>\n<div><\/div>\n<div>FMBN was also found to have made N3.6m in cash payments in contravention of federal directives mandating electronic payment for all government transactions. The E-payment policy took effect in 2009, but the bank disregarded these rules despite clear guidelines.<\/div>\n<div><\/div>\n<div>The audit flagged an extra-budgetary expenditure of N339,218,391.50 on staff training and computer repairs, done without National Assembly approval. This contravened Financial Regulation 311, which requires that spending in excess of approved estimates be backed by supplementary appropriation.<\/div>\n<div><\/div>\n<div>FMBN also spent N2,430,500 on wedding expenses, violating Financial Regulation 3106 which states that any public officer who makes an irregular payment \u201cshall be recovered from the officer.\u201d<\/div>\n<div><\/div>\n<div>Additionally, the bank paid N81,989,351.10 to management staff for fueling expenses without providing any documentation such as vehicle logs or expense registers.<\/div>\n<div><\/div>\n<div>This, according to the audit, \u201cevidenced wastefulness arising from lack of due economy.\u201d<\/div>\n<div><\/div>\n<div>Despite the gravity of these findings, the management of FMBN has remained silent. When contacted by Pointblanknews.com, an official said, \u201cI will get back to you,\u201d but failed to do so as of the time of this publication.<\/div>\n<div><\/div>\n<div>Pointblanknews.com had previously reported that the bank awarded over N1.2bn in contracts in violation of procurement rules and engaged in bid rigging.<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Daniel Adaji The Federal Mortgage Bank of Nigeria (FMBN) awarded contracts worth N264,155,773.53 to companies not registered with the Corporate Affairs Commission (CAC), a clear violation of the Public&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":119203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-119219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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