The director general of the Securities and Exchange Commission (SEC), and other commissioners of the agency have been indicted by the senate in car allowances fraud worth N594 million.
The upper legislative chamber resolved that the commissioners were involved in a car allowances fraud worth N594 million.
The federal lawmakers also ordered the indicted officials to refund the money to the Consolidated Revenue Fund.
The decision to indict the SEC stemmed from the commission’s executives’ failure to rebut the significant charges contained in the 2018 Auditor General report.
Despite sending a written response, the commission did not appear in front of the Senate Public Accounts Committee, which was chaired by Senator Mathew Uhroghide, despite a succession of letters of invitation.
The Senate upheld the Auditor General of the Federation’s position on the allegations on Monday and transmitted the report to the Office of the Secretary to the Government of the Federation.
The query reads, “In 2013, the Director-General, while serving as Executive Commissioner, was paid the sum of N39 million as monetized car allowances to run for four years, but two years, on his appointment as Director General, he was again paid the sum of N84 million as monetized car allowances.
“In 2015, the Commission procured four project vehicles to meet its need at the sum of N144 million, but instead of making use of the vehicles for purposes they were acquired , the Director General and Commissioners turned them to their sole uses, which contravened chapter 9 (1)&(11) of the Commission’s condition of service.
“Also, the sum of N469 million was further expended on the payment of the monetized motor vehicle insurance in 2015 and 2016.
“In the view of the foregoing, payment of N39 million in 2013 and N84 million in 2015 , totaling N124 million to the Director-General were not proper and cannot be considered as proper charges against Public funds.”
As a result, the Senate recommended that the Director-General refund N124 million paid to him and recover N469 million expended on the payment of monetized motor vehicle allowances and motor insurance allowances from beneficiaries and pay to the Consolidated Revenue Fund, as well as forward payment details to the Office of Auditor General.
The Senate upheld the Public Accounts Committee’s report, which indicted the commission.