Senate Worries Over Power Ministry’s N478m In Mortgage Bank

The Senate has raised concern over the safety of the N478m deposited by the Federal Ministry of Power in Aso Savings and Loans Plc.

The money, according to the 2015 report of the Auditor General for the Federation, was in connection with the Zungeru Power Project.

The report currently being scrutinised by the Senate Public Account Committee stated that the amount was meant for the compensation of persons that would be displaced to pave the way for the project execution.

It further stated that part of the money was for the purpose of securing housing facilities for some staff of the Ministry of Power.

The Chairman of SPAC, Senator Matthew Urhoghide, while treating the report in company with members of the panel, expressed fears that the power ministry might have difficulty in retrieving the fund, based on the AuGF report.

The AuGF query reads, “The examination of various bank statements belonging to the Ministry of Power revealed that the sum of N2bn was deposited into Aso Savings and Loans Account since December 2013.

“The ministry should provide the backing documents to enable me to carry out proper audit checks on the operation of this account, particularly, the interest accrued on the deposit.”

The Ministry of Power in a written response, however, said that the money was deposited in the Aso Savings and Loans Plc under the Zungeru Power Project.

The ministry added that it wrote the Accountant General of the Federation via a letter dated 20th December, 2012 for the approval and the OAGF gave the approval on 14th of January, 2013 to open the account