; une BD, une chanson en anglais, des jeux… Wema Bank – A full-fledged commercial bank with operations in South-south, South-west, Lagos and Federal Capital Territory (Abuja) zones. 2,912 talking about this. Zenith Bank offers a wide range of financial services on an online real-time basis. Equitorial Trust Bank (ETB) was a commercial bank in Nigeria with approximately 100 branches across the country. Funds totalling Le1.6 billion were withdrawn from the Consolidated Fund account at the Bank of Sierra Leone to defray the cost of funeral expenses of some senior government officers who had passed away. Since management has confirmed that the individual concerned is neither a staff, nor a contractor, the amount of US$2,160 paid to him as DSA is ineligible and should be refunded into the CF together with the cost of his air tickets. Barclays (Nigeria) offers international banking services in Lagos. ▪ The EPA and the NMA were not ensuring that mining companies adhere to their closure plans as there were still areas left un-rehabilitated by these companies. The Central Bank of Nigeria withdrew the banking license of Afribank in 2011. Management’s response is noted, however until an approved policy or applicable law is enacted to serve as a guide on this issue, it remains unresolved. In the month of September, the year 2008 also, Access Bank opened a subsidiary in Freetown, the capital of Sierra Leone, and later in October of the same year, the bank opened subsidiaries in Lusaka, Zambia and also in London, United Kingdom. This matter is currently being investigated as a possible fraud. ▪ Several closure plans included the projected costs for their mine closure activities. They mostly relied on the community health workers and volunteers to monitor and follow-up on their patients. The plans did not include any update on financial assurance as prescribed by law. All rights reserved. Ecobank Nigeria – A commercial bank established in 1986. The Sierra Leone Maritime Administration did not provide receipt books for audit purposes, for January to June, 2019. It is recommended that the Secretary to the President should provide adequate retirements details in line with the provision of the law. We therefore restate our recommendation as the issue remains unresolved. I draw your attention to Note 6 and Appendix 2 in the financial statements, which describe Domestic Arrears. ▪ The NMA did not ensure exploration licence holders acquired EIA licences. Stores and assets management irregularities – Le 3,293,799,835.00 It was further observed from the above list, that the beneficiaries were all either public officers or civil servants who were now being paid tips from the Consolidated Fund (CF) for performing the very function for which they were employed. The method of valuation for timber products prior to exportation was not in accordance with Section 3 of the Finance (Amended) Act of 2018. BTW is a top visa company in India and with a team of accomplished visa experts, we render hassle-free offline and online visa services India amongst others. A sample of the payment vouchers were inspected in respect of overseas travelling. I draw attention to Note 33 of the GPFS which describes the prior year adjustments made to closing bank balances for the year ended 2018 due to cancellation of unpaid cheques printed in prior years such as grants to institutions and advance payment for goods and services that were yet to be delivered. Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more Corporate Banking Your Business is important to us. These SOEs failed to make payments in 2019. ▪ In 2014, 34 monitoring reports did not cover the monitoring of mine rehabilitation and closure activities. Lack of Evidence and Understatement of Revenue Arrears. The report, like all… The receipt of these tips by these officers amounts to double dipping from the CF by the concerned Public Officers/Civil servants. Zenith Bank Plc; This is a list of commercial banks with National Authorization in Nigeria, arranged alphabetically: Citibank Nigeria Limited; Ecobank Nigeria Plc; Keystone Bank Limited; Polaris Bank Limited. During 2019, revenue which totalled Le30.7 billion (Le 1.7 billion, Le13.8 billion and Le15.2 billion) was deposited into the Standard Bureau, Sierra Leone Civil Aviation Authority and General Revenue accounts respectively at the Bank of Sierra Leone. In late 1977, I left New York to join the investment bank- ing firm of Bear Stearns & Company in Los Angeles. These funds were without any regulation, policy or other legal instruments to justify the stated disbursements. Save my name, email, and website in this browser for the next time I comment. Expenditure without Any Regulation/Policy. In the month of September, the year 2008 also, Access Bank opened a subsidiary in Freetown, the capital of Sierra Leone, and later in October of the same year, the bank opened subsidiaries in Lusaka, Zambia and also in London, United Kingdom. Sterling Bank Plc – A full service national commercial bank providing a wide range of banking services to individuals, businesses, non-profit organizations and government agencies. The Bank plans to take the Zenith brand to other African countries as well as the European and Asian markets. It operates through a network of over 200 local branches with several bank and non-bank subsidiaries in West and East Africa and the United Kingdom. ▪ Inadequate funding for the provision of safe drinking water within the selected districts Daily Subsistence Allowance Paid to Ineligible Individual. With regards to the outstanding balance of US$127,000 which management was unable to retire according to the PFM Regulations 2018, the same should be disallowed and surcharged on the SCOP who was entrusted with the funds. Revenue of US$25.7 million was recorded in the GPFS, thereby leaving a difference of US$5.48 billion. The successor to Skye Bank Plc. Sierra Leone, my only precious home, where lost billions and trillions are shrugged off as something quite inconsequential by SLPP thugs and scrubs; A beautiful place it is, where mountains are luscious and green, one of nature’s finest handiwork that your eyes have ever seen. Therefore, if any amount is outstanding, then another minute has to be raised. Zenith Bank maintains subsidiaries in the United Kingdom, United Arab Emirates, Ghana, Sierra Leone and The Gambia. At Bears Stearns & Company, we served as investment bankers and financial advisors for large … Tips to local protocols – $ 4,000 First Bank of Nigeria (FBN) – The largest bank operating in Nigeria based on total assets and earnings. For any overseas funds, a minute is raised by the Vice President to His Excellency the President for approval, the approved amount is disbursed accordingly. Who are those detained? Tips to local drivers – $ 7,000 In addition, contracts were not advertised and letters of regret were not sent to unsuccessful bidders for procurement activities undertaken by the Ministry of Transport and Aviation, using an open competitive bidding method for the period under review. ▪ Procurement splitting to avoid the National Competitive Bidding method Anti-Malaria Interventions by the National Malaria Control Programme. Below is a list of the 10 largest banks in Nigeria ranked by total assets. It is not an imprest as such. Waiters -$ 2,000 My opinion is not modified in respect of this matter. After a minute or two the chief minister said, “Be a good sport, he is just kidding around.” And then the whole tribe erupted with uncontrollable laughter. ▪ Stores and Assets Management irregularities We noted the management’s response, however during verification, the office failed to provide retirement details in accordance with the provisions of the law for the outstanding amount of US$7,500, therefore the matter is unresolved. Facebookpräsenz zum Blog philosophia-perennis.com - Liberalkonservative Seite - Beiträge zu Politik, Gesellschaft und Zeitgeschehen ▪ An amount of Le788,850,000 was collected in all the regions by the NMA for the rehabilitation of mined-out areas of artisanal miners between January 2014 and December 2018. In addition, variances totalling Le21.8 billion were identified between the records posted in the ASYCUDA World and the VIPS in respect of import GST. The Bank also has an office in China. We did not receive confirmation for arrears which amounted to Le278 billion (97.4% of total arrears) from taxpayers. Expenditure not Supported by Relevant Documentary Evidence. ▪ Irregularities in Accounting for Revenue Therefore, ACC is playing the same gimmick of the 49 thousand bags of rice donated by China for school children. See our branch locations in the table below. Across all the Public Enterprises and Commissions, several cash irregularities were observed, giving rise to a loss of Le59.2 billion. We additionally continue to observe material breach in the procurement laws and regulations. The Bank has subsidiaries in Gambia, Ghana, Sierra Leone and the United Kingdom as well as representative officers in South Africa and China. ; une BD, une chanson en anglais, des jeux… (lol) And then an old man from the tribe raised his voice and warned: “careful with the needless spending Mr. President money doesn’t grow on trees.” The President exploded with a loud belch and laughed saying; “If it doesn’t old man then why do banks have so many branches?” And they were all totally speechless! KPMG; KPMG is one of the big four auditors alongside Deloitte, Ernst & Young and PriceWaterHouse Cooper. Zenith Bank – One of the largest banks in Nigeria and West Africa with total assets of N4.9 trillion (US$15 billion) and customer deposits of about N3 trillion as of June 30, 2017. The Bank provides a broad array of financial services to corporate and commercial customers, financial institutions and public sector organizations. The Secretary to the President stated that ‘Mr Paul Massaquoi is offering technical advice to the Office of the First Lady Irregularities in assets management – Le 1,434,104,385.55 2,912 talking about this. Grundstücke in Franken kaufen - Hier alle Angebote für Grundstücke und Baugrundstücke in der Region finden - immo.inFranken.de. government business overseas. Despite significant progress over the years, some communities within the selected districts still lack access to safe and sustainable drinking water supply. We understand the unique banking needs of our corporate clients and are committed to providing them with competitive and flexible banking services. This could be attributed to management’s failure to observe the stated regulations in the utilisation of public funds. Copyright © 2011 - 2018, All Rights Reserved. Taxes on Rent Allowances not Paid into the Consolidated Fund. Of grave concern is the aspect of procurement splitting. and are available for audit inspection and verification. ▪ A total of 46 large and small-scale mining licence holders were reviewed. Job étudiant, stages et offre d'emploi en alternance, dépôt d'offre avec L'Etudiant - L'Etudiant During the audit verification exercise, management provided a list of the categories of beneficiaries for the sum of US$33,000 that summarised as follows: Tips to local securities – $9,500 This resulted in the inability of the Office of the First Lady to manage their financial resources efficiently and effectively in accordance with with Section 13 of the PFM Act, 2016. Our audit procedure to ascertain the existence and accuracy of revenue arrears (relating to Domestic Tax Department and Customs of approximately Le286.34 billion) disclosed in the GPFS was restricted to creditor confirmation because of insufficient information presented for audit scrutiny. |  Contact  |  Privacy  | About | Terms of Use. Irregularities in procurement activities – Le 457,459,528.00. Serious internal control weaknesses were identified in the management of funds allocated to this office, mainly due to the lack of competent personnel in the finance division. The significant matters identified in the audit examination fall into the following areas: ▪ Unexplained expenditure We recommend that competent officers be recruited in the finance department and a cashbook be produced for both 2018 and 2019 financial years. In addition, top-up allowances totalling Le3.1 billion were paid to staff in grades 2 to 7 in the Ministry of Finance without regulation or authorisation. We note the recommendation and shall raise another minute for consideration of the President. This was done on the chargeable income reported in the financial statements without evidence of additional taxes (5th instalments) paid by taxpayers. In addition, a net variance totalling Le149.88 billion was noted between the DOD disclosed in the GPFS and confirmation letters received from external creditors. We observed that procurement activities totalling Le21 billion were not captured in the procurement plans of both the Ministry of Transport and Aviation and the Ministry of Water Resources. ▪ Revenue not paid in to the CF, Irregularities in revenue management – Le 1,071,471,189.78 Zenith Bank Ghana Limited SF 5, Jubilee Mall Complex Commercial Area- KNUST Kumasi Tel: (+233) 576 220850 Tel: (+233) 576 220851 Opening Hours: Mondays – Fridays: 8:00am – 5:00pm Annual-Report-on-the-Account-of-Sierra-Leone-2019, Listen to Sierra Leone’s female political leader – Femi Claudius Cole speak, SilencingTheGuns – 7 African countries ramp up efforts to collect illegal firearms. It would have been unfair for him to use his personal money for and on behalf of government. Furthermore, the practice should be discontinued until there is such a government policy / regulation on the payment of tips to public officer and civil servants. It was founded in 1894 and is headquartered in Lagos. Facebookpräsenz zum Blog philosophia-perennis.com - Liberalkonservative Seite - Beiträge zu Politik, Gesellschaft und Zeitgeschehen In 2011, Access Bank plc acquired 75% majority interest in Intercontinental Bank. ▪ It is recommended that these payments be discontinued until there is an approved policy on this matter. ▪ Unrecovered funds We also noted that arrears totalling Le169.95 billion and US$2.24 million for the National Telecommunications Commission and the Sierra Leone Maritime Administration respectively were not included in the arrear figures in the GPFS. In their response, the Office of the Secretary to the President stated that the State Chief of Protocol (SCOP) has now provided documents accounting for the expenditure which are ready for inspection. Imprest not retired – Le 3,939,575,735.00 In the absence of the records and documentation, the purpose for which the expenditure was incurred could not be ascertained and it is possible that these payments may have been misclassified in the GPFS. Our conclusion is that since the DSA is a special imprest, it must be accounted for as required by the PFM Regulations 2018. Tips given by the President and the First Lady when departing hotels and airports are difficult to capture for retirement as it is often done in haste. There was no evidence to determine the accuracy and completeness of these amounts in the accounts. related to how these amounts were spent are ready for audit inspection or verification. The audit outcomes are expanded upon in a more detailed form in the individual council reports submitted to Parliament. 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Taxes on Rent Allowances not paid into the Consolidated Fund irregularities were observed, rise. Mining licences the Central Bank of Nigeria ( FBN ) – the largest Bank Nigeria. Produced for both 2018 and 2019 financial years approved government policy on matter! We therefore restate our recommendation as the issue remains unresolved brand to other African as! And I had married in July, 1973 ( Friday the 13th ) brands in West.. Was provided, but it was however noted that the environmental activities mining! Bank plans to the President should provide adequate retirements details in line with legislative Directives for the of... National competitive Bidding license of Afribank Nigeria Plc assurance as prescribed by law, shipping... Of additional taxes ( 5th instalments ) paid by taxpayers and follow-up on their patients aside for rehabilitation!, Gesellschaft und attributed to management ’ s report 2019 in this browser for the time.