— Fresh Audit Reveals Deepening Accountability Crisis in Nigeria’s Public Sector
The Auditor-General of the Federation has uncovered N118.75 million in undocumented expenses by the Corporate Affairs Commission (CAC), including questionable payments made to members of the National Assembly during oversight visits.
The damning revelation raises renewed concerns over transparency, accountability, and widespread disregard for Nigeria’s financial regulations.
Key Audit Findings
🔹 N118.75 Million Spent Without Any Documentation
The CAC reportedly carried out financial transactions without payment vouchers, invoices, memos, or purchase orders—a direct violation of Nigeria’s Public Financial Management rules.
🔹 Payments Made to Lawmakers for Oversight Activities
The audit revealed that part of the undocumented spending was paid to National Assembly committee members as “oversight visit expenses,” an action the Auditor-General classified as irregular and unjustifiable.
🔹 Six Government Vehicles Missing
Six official CAC vehicles were discovered to be in the custody of the supervising ministry, without proper documentation, transfer records, or authorization.
🔹 N123.94 Million Paid to External Solicitors Illegally
The CAC reportedly paid N123.94 million to external solicitors without approval from the Attorney-General of the Federation (AGF)—a mandatory requirement under Nigerian law.
🔹 CAC’s Explanations Rejected
The Auditor-General dismissed CAC’s defence as weak, inconsistent, and unsatisfactory, insisting the agency failed to justify the suspicious expenditures.
🔹 Recovery and Sanctions Recommended
The report recommended the recovery of all undocumented funds and mismanaged assets, warning that failure to comply will trigger sanctions as stipulated under Nigeria’s Financial Regulations 3117 & 3128.