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Communications Ministry made ₦345.5 million duplicate payment for Abuja ICT Park project

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The Auditor-General of the Federation flagged an alleged ₦345.5 million duplicate payment by the Federal Ministry of Communications, Innovation, and Digital Economy to a contractor handling the Abuja ICT Park project.

The finding was contained in the Auditor-General’s Annual Report on Non-Compliance and Internal Control Weaknesses in Ministries, Departments and Agencies of the Federal Government for the year ended 31 December 2024.

The special audit of the communication ministry covered the period from 1 January to 31 December 2021 and raised 14 issues concerning the planning, funding, procurement and implementation of the ICT Park project.

At the time the project was being implemented, Isa Ali Pantami, who was appointed by former President Muhammadu Buhari, served as Minister of Communications and Digital Economy from 2019 to 2023. He was succeeded by Bosun Tijani, who was appointed by President Bola Tinubu.

₦345.5 million duplicate payment

In Issue 13 of the findings, titled “Loss of Fund Due to Duplicated Payments to Contractor,” the Auditor-General said the ministry processed and approved two separate payments of ₦345,499,262.74 each as the third tranche of the 15 per cent mobilisation advance to the contractor.

The payment was intended to establish the Information and Communication Technology (ICT) Park, Abuja.

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The Permanent Secretary approved the first payment on 19 January 2022 through payment voucher No. FMCDE/CAP/606/2021 dated 24 January 2022.

The same accounting officer approved the second payment on 17 January 2023 through payment voucher No. FMCDE/CAP/149/2022 dated 8 February 2023.

The report said the two paid vouchers had identical contract references, amounts, and narrative descriptions, which it said indicated duplicate payment.

It added that no record showed the first payment had been reversed, adjusted, or treated as an accounting error.

“There was also no journal entry, refund, or internal memo linking the 2023 approval to any prior transactions. These omissions demonstrate a failure of supervisory review, record reconciliation, and payment verification within the Ministry,” the findings stated.

The Finance and Accounts Department also failed to justify the repeated authorisation or the lack of reconciliation between the Cash Book and Vote Book, according to the report.

The findings said the contractor, while claiming it received only one payment in 2023, submitted a bank statement that excluded the critical period between 2 January 2022 and 8 February 2023, preventing independent verification of its claim.

The audit said the payments posed risks of fund diversion and loss of public funds, attributing this to weaknesses in the ministry’s internal control system.

The audit said the ministry’s management did not respond to the alleged duplicate payment under the contract.

The Auditor-General recommended that ₦345.499 million be recovered and remitted to the Treasury, and that evidence of remittance be forwarded to the Public Accounts Committee of the National Assembly.

₦447.67m from undisclosed funding sources

In Issue 11, the auditors questioned ₦447.67 million in payments to the ICT Park contractor, which they said could not be traced to the Government Integrated Financial Management Information System (GIFMIS).

The amount comprised ₦102,166,730 and ₦345,499,262.74 paid to the contractor, vide paid vouchers, Ref. No. FMCDE/CAP/061/2021 and FCMDE/606/2022 on 11 June 2021 and 19 February 2022, respectively.

According to the report, the payments appeared in the cash book. The contractor acknowledged them in the progress report and bank statement, but they did not appear in GIFMIS records, indicating they were processed off the system.

The audit said officials in the ministry’s Finance and Accounts Department could not explain the existence or authorisation of the alternative funding sources.

The report said the ministry also failed to provide documentation showing lawful appropriation, supplementary approval, or an external funding agreement for the payments.

The audit said the action posed a risk of misappropriation of funds and diversion of public property.

It said the ministry’s management did not respond to questions about the history of the payments in the GIFMIS records.

The Auditor-General recommended recovering and remitting ₦447.67 million to the Treasury, with sanctions under paragraphs 3106 and 3129 of the Financial Regulations (2009) if the ministry fails to comply.

₦396.65 million project funds used for unrelated items

In Issue 9, the findings showed that N396.65 million from the ICT Park project fund was used to pay for consultancy services, office consumables, furniture, and stationery printing.

The audit said approvals had been processed for consultancy services relating to the ICT Park. Still, payments were made to unrelated suppliers for consumables and office furniture that were not contained in the project’s Bill of Quantities.

The report said this reduced funds meant for the mobilisation and execution of the ICT Park project.

It also said the ministry failed to provide evidence of approval for the virement from the Minister of Finance, Budget and National Planning and the National Assembly.

It said the actions posed a risk of misappropriation of funds and undue delay in completion of the project, noting that the ministry failed to respond to the question on the use of the project funds for unrelated items.

The Auditor-General recommended recovering and remitting ₦396.655 million to the Treasury, with sanctions under paragraphs 3106 and 3129 of the Financial Regulations (2009) if the ministry fails to comply.

₦1.85bn paid without performance bond

In Issue 10, the auditors also found that N1.848 billion was paid to the contractor without securing a valid Performance Bond.

The report said the Bureau of Public Procurement had directed in December 2020 that a minimum 10 per cent Performance Bond be secured for major contracts before payment of mobilisation fees.

However, the ministry first released ₦1.348 billion in mobilisation payments between March 2021 and February 2023 without obtaining the required bond.

The report said that nearly three years after the contract award, the contractor submitted a commitment letter dated 29 December 2023, promising to furnish a Performance Bond upon receiving an additional N500 million. This amounts to ₦1.848 billion.

It said the actions exposed public funds to loss, noting that the ministry failed to respond to the question on the payment.

The Auditor-General recommended recovering and remitting ₦1.848 billion to the Treasury, and imposing sanctions under paragraphs 3106 and 3129 of the Financial Regulations (2009) if the ministry fails to comply.

₦500 million paid without interim performance certificate

In Issue 12, the Auditor-General said the ministry released an additional ₦500 million to the contractor on 29 December 2023 without an Interim Performance Certificate or verified progress report.

The report said the payment was made after the contractor received the 15 per cent mobilisation fee.

Instead of an Interim Performance Certificate, the ministry relied on a commitment letter from the contractor promising to provide project vehicles and undertake overseas technical trips upon receipt of the additional funds.

The audit said the actions posed a risk of diverting public funds and losing government funds. It said that the ministry failed to respond to the question on the payment.

The Auditor-General recommended recovering and remitting N500 million to the Treasury and imposing sanctions under paragraph 3106 of the Financial Regulations (2009) if the ministry fails to comply.

Premature foreign trips of ₦90 million

In Issue 8, the auditors questioned a ₦90 million provisional sum for foreign trips to inspect technical equipment for the ICT Park.

According to the findings, the sum of ₦90 million was included and described as “Allow a provisional sum of N90 million to cater for Client’s and Consultants’ representatives for foreign trips for the inspection of technical equipment to be deployed for the project,” in the priced Bill of Quantities (BOQ) for the contract for the ICT Park project, with a contract sum of ₦8.984 billion.

The report said the expenditure was being planned while the project was still at foundation level, before structural works, equipment procurement or installation had commenced.

It said no evidence was provided to justify the technical need, approved schedule, or cost-benefit assessment supporting the timing of the proposed trips.

The audit said the action demonstrated weak expenditure prioritisation and poor sequencing of project activities, noting that it posed a risk of undue delay in completion of the project and diversion of public funds.

Again, the ministry did not respond to questions about the premature foreign trip.

The Auditor-General recommended recovering and remitting the N90 million. It also recommended sanctions under paragraphs 3106 and 3115 of the Financial Regulations (2009) if the ministry fails to comply.

Denial of access to project documents

The audit also raised concerns about the ministry’s failure to give auditors access to project documents.

In Issue 14, the report said auditors were denied access to documents including needs assessment reports, bank mandates for ICT project payments, payment vouchers, due diligence reports on the contractor and the Environmental and Social Impact Assessment report.

READ ALSO: How Nigeria’s Population Commission mismanaged N245 billion on undelivered products, other controversial contracts – Auditor-General

The report said several requests for project-related documents made between March and June 2025 were not answered by the ministry.

It said the denial of access to procurement documents contravened the Constitution and risked concealing financial information, diverting government revenue, and the loss of public funds.

The Auditor-General asked the Permanent Secretary to justify the denial of access and produce all documents relating to the ICT Park project.

The report stated that the ministry did not respond to the issues raised in the audit and that the findings remained valid until the recommendations were implemented.

Other issues

Other issues included a ₦94.05 million cost overrun attributed to the failure to conduct feasibility studies and an Environmental Impact Assessment before the ICT Park project began.

The Auditor-General also flagged ₦19.47 million in costs linked to delayed site handover, while questioning the absence of resident technical supervision despite a ₦160 million provision for it.

The report further cited inadequate budgetary provisions that contributed to project delays and the ministry’s failure to conduct or document a needs assessment before procurement.


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Leadway PFA Named Most Outstanding PFA Brand of the Year at 2026 Brandcom Awards

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Leadway PFA has been named Most Outstanding PFA Brand of the Year at the 2026 Brandcom Awards, earning recognition from Nigeria’s marketing communications industry for its brand strength and standing in the pension administration sector.

The award comes as Leadway PFA continues to strengthen its position in Nigeria’s pension industry, managing over ₦3 trillion in assets for more than 1.2 million Retirement Savings Account (RSA) holders. The company draws on over two decades of experience in pension administration and fund management.

Commenting on the recognition, Olusakin Labeodan, MD/Chief Executive Officer of Leadway PFA, said, “The pension industry is built on a long-term trust. Every contribution represents an individual’s effort to secure a more comfortable future. As a pension administrator, we have a responsibility to protect that trust through sound fund management, quality service and meaningful engagement with our contributors.

“Being recognized by the marketing communications industry is particularly encouraging. It reflects how our brand is perceived beyond the services we provide and reinforces the importance of building a pension brand on trust, consistency and the quality of our customer relationships. We appreciate this recognition and remain committed to improving the experience of our contributors and raising the standard of service we provide.

The recognition further reinforces Leadway PFA’s commitment to improving the contributor experience through enhanced digital pension services, responsive customer support and clearer communication on retirement planning. These efforts reflect the company’s continued focus on making pension services more accessible and helping Nigerians make informed decisions about their financial future.

The 2026 Brandcom Awards ceremony took place at the Landmark Event Centre in Lagos, following Brandcomfest, which explored the theme “Brand Building, Consumer Connection and Disruptive Realities.” Organised by Brand Communicator, the Brandcom Awards recognise brands, agencies, organisations and professionals across the marketing communications industry, with assessments centered on prestige, integrity and credibility.

The post Leadway PFA Named Most Outstanding PFA Brand of the Year at 2026 Brandcom Awards appeared first on Business Today NG.

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Access Holdings mulls exit from foreign subsidiary to meet CBN rule – Report

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Access Holdings is considering exiting at least one market outside its base in Nigeria to comply with a Central Bank of Nigeria (CBN) rule requiring lenders to limit investment in foreign subsidiaries to no more than one-tenth of shareholders’ funds.

The banking group mentioned one business in which it plans to offload its stake to meet the requirement, Bloomberg reported on Monday, citing Chairman Aigboje Aig-Imoukhuede.

“If a subsidiary cannot meet its cost of capital and the strategic objectives for which it is set up, you should be ready to take a decision to exit,” Mr Aig-Imoukhuede was quoted as saying at an African Financial Industry Summit in Luanda, Angola, last week.

“Do we have one or two troublesome subsidiaries? I can think of one.”

Investment in subsidiaries for Nigeria’s biggest bank by assets stood at N446.6 billion at the end of September, equivalent to 19.3 per cent of its equity, according to Access Holdings’ 9M 2026 Investor Presentation.

That was roughly double the 10 per cent ceiling permitted by the Banks and Other Financial Institutions Act (BOFIA) 2020.

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Only in cases of regulatory approval for a higher threshold from the CBN are lenders allowed to exceed that limit, the Act says.

The banking industry watchdog has given Access Holdings 12 months to address the issue.

The potential exit is part of the financial institution’s move to review its international operations to comply with the directive.

In June, Access Bank’s chief executive, Roosevelt Ogbonna, said the lender would reduce its shareholding in some of its foreign subsidiaries to achieve compliance.

According to Innocent Ike, CEO of Access Holdings, the lender will explore three strategies towards that end.

The options include recalling surplus capital from overseas subsidiaries, offloading minority stakes and restructuring some businesses, he said.

He added that the group has already completed one capital repatriation exercise involving its six targeted subsidiaries, and is engaging regulators in five countries to facilitate the return of excess capital to Nigeria.

Access Holdings plans to meet the regulatory requirement ahead of the March 2027 deadline, Mr Ike stated.

READ ALSO: Access Holdings’ nine-month profit jumps 6% to N474.2 billion

“We gave ourselves up till January next year, and I think we’re completing this ahead of schedule,” said Mr Aig-Imoukhuede.

The Access Holdings’ chairman said the group’s international portfolio remains fundamentally strong despite plans to sell interests in some international subsidiaries.

He noted that the group would continue to review the performance of its subsidiaries to ensure they generate sustainable returns and remain aligned with the strategic objectives for which they were established.

“You have to do dynamic portfolio management. Every year, you’re looking for ways to improve,” he said.

Access Bank sold its 97 per cent stake in its loss-making Ivorian subsidiary to Cameroon’s Afriland First Group SA for $1 million in January 2014, after the CBN restricted parent-bank capital for foreign subsidiaries.


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