The Senate says it has uncovered irregularities in the Federal Government’s investments in Crown Agents Bank and some other financial institutions amounting to N1.1tn.
Crown Agents Bank is a United Kingdom regulated wholesale foreign exchange and cross-border payment services provider connected across frontier and emerging markets.
According to the panel, the accountant-general also failed to provide for audit, the written authority for the disposal of the sum of N134.3bn and the account into which the proceeds were credited. The report stated that Crown Agents disposed of investments totalling N3bn, while additional investments amounting to N439.7bn were also acquired during the year under review without documentary evidence.
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