Representatives Issue 21-Day Deadline For SEC And FRC To Explain ₦45bn Unaccounted Funds

Representatives Issue 21-Day Deadline For SEC And FRC To Explain ₦45bn Unaccounted Funds....KINDLY READ THE FULL STORY HERE▶

The Public Accounts Committee of the House of Representatives has issued a 21-day ultimatum to the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) to explain the whereabouts of an unremitted operating surplus totaling N45 billion. This revelation came to light during a public hearing on revenue leakages to the Federal Government in Abuja on Tuesday, as reported by Naija News.

Bamidele Salam, the committee chairman from Osun State and a member of the Peoples Democratic Party (PDP), presided over the session where discrepancies in the SEC’s financial records were examined.

According to representatives from the FRC, the SEC has been unresponsive to inquiries regarding the unremitted funds since the release of a 2022 report outlining the calculated liabilities against the commission.

“We have communicated with the SEC on December 20, 2022, informing them of our calculated liability for the period spanning from 2007 to 2021, which amounted to N45.01 billion. However, we have not received any response from them to date. Consequently, we have recorded this liability against the commission,” stated Mr. Bello Aliyu, a representative from the FRC.

In response, the Director-General of SEC, Lamido Yahaya, refuted these claims during the hearing, asserting that the commission had reconciled its figures with the Office of the Accountant-General of the Federation (OAGF).

Yahaya explained, “If the FRC had conducted further investigations, they would have seen the efforts we have made, in collaboration with the OAGF, to reconcile the surplus figure since 2007 when the FRC was established.”

However, despite SEC’s explanations, the committee chairman expressed apprehensions regarding the SEC’s inclination to engage directly with the Accountant-General’s office rather than the FRC, which holds the legal mandate to oversee government agencies’ financial obligations.

“I find it concerning that SEC prefers liaising with the Accountant-General’s office over the FRC. Moving forward, we will ensure that all agencies recognize the FRC as the primary authority responsible for ensuring compliance with the provisions of the Act,” Salam emphasized.

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