Finance

A report by a civil society group, the Paradigm Leadership Support Initiative has said that the Federal Government lost N557 billion to non-compliance with financial regulations and the Public Procurement Act by ministries, departments and agencies between 2013-2017. The ‘Achieving Accountability and Development in Nigeria’ Report presented in Abuja on Friday, revealed that the money was lost to misappropriation and misapplication of fund; virements of fund without the approval of the National Assembly; payment for contracts not executed; payment without vouchers and supporting documents as well as non-collection of appropriate taxes by MDAs. Speaking during the report presentation which also marked the 5th anniversary of the group, the PLSI Executive Director, Segun Elemo, called on...

There are indications on Saturday that more banks will publish names and account details of customers who purchased cheap forex from the banks for Business Travel Allowance and Personal Travel Allowance but did not embark on their foreign trips. Sources from some of the banks, in an interview, said this after the United Bank for Africa published the names of some individuals who benefited from the PTA but did not use it for the purpose they applied for. The account numbers and Bank Verification Numbers of the defaulters were included in the publication by UBA. Commercial banks had earlier sent messages to their customers to notify them that travellers who bought foreign exchange from banks for travel purposes but failed to embark on the trips two weeks after their scheduled travel...