• Latest
  • Trending
Heads of Nigerian Ministries Risk Arrest Over Late Submission of Financial Reports, Auditor-General Warns

Heads of Nigerian Ministries Risk Arrest Over Late Submission of Financial Reports, Auditor-General Warns

March 27, 2021
South African Judge to File Criminal Complaint Against Zuma

Defiant Zuma Rejects Court Deadline, Describes Request as ‘a Sham’

April 15, 2021
Man City Beat Dortmund 2-1 Again to Reach Champions League semis

Man City Beat Dortmund 2-1 Again to Reach Champions League semis

April 15, 2021
Real Madrid Overcome Betis in Five-goal Thriller

Real Madrid Ease into Champions League Last Four after Anfield Stalemate

April 15, 2021
Sierra Leone Doctors Strike Over Alleged Assault

Sierra Leone Doctors Strike Over Alleged Assault

April 15, 2021
Police Officer Charged with Manslaughter in Daunte Wright Shooting

Police Officer Charged with Manslaughter in Daunte Wright Shooting

April 14, 2021
Nigeria: Now is the Time For Presidency to Be Zoned to Southeast, Says Ex-Aviation Minister Chidoka

Nigeria: Now is the Time For Presidency to Be Zoned to Southeast, Says Ex-Aviation Minister Chidoka

April 14, 2021
Ponzi Scheme Mastermind Bernard Madoff Dies at 82

Ponzi Scheme Mastermind Bernard Madoff Dies at 82

April 14, 2021
EU Drugs Regulator Approves Astrazeneca Covid-19 Vaccine

Denmark First European Country to Permanently Stop Use of AstraZeneca Vaccine

April 14, 2021
La Liga: Madrid Go Level at the Top with Atletico

Liverpool Look to Overturn 1-3 Deficit to Real Madrid at Anfield

April 14, 2021
Rome Confirmed as Ninth Definite Host for Euro 2020

Rome Confirmed as Ninth Definite Host for Euro 2020

April 14, 2021

Nigeria Government Denies Edo Governor Obaseki’s Claim It Printed N60bn

April 14, 2021
Slavia Prague Defender Kudela Banned For 10 Games for Racist Behaviour

Slavia Prague Defender Kudela Banned For 10 Games for Racist Behaviour

April 14, 2021
IPOB Threatens Igbo Youth, Says Prepare To Meet Your Ancestors -Trending With Ojy Okpe

IPOB Threatens Igbo Youth, Says Prepare To Meet Your Ancestors -Trending With Ojy Okpe

April 14, 2021
Waje Talks About Teenage Pregnancy, Performs Live Exclusively on ARISEPlay

Waje Talks About Teenage Pregnancy, Performs Live Exclusively on ARISEPlay

April 14, 2021
Several Remaining Missing Chibok Schoolgirls Escape from Boko Haram

Nigeria Still Unable to Protect Schoolchildren Seven Years After Chibok Abduction, Amnesty Says

April 14, 2021

Global Business Report

April 14, 2021
Nigerian Film Eyimofe Set for London Premiere, Debuts Trailer

Nigeria’s ‘Eyimofe’ to Screen at 50th anniversary of ND/NF Festival in New York

April 14, 2021
Google Doodle Honors Legendary Nigerian Musician Oliver De Coque On 74th Birthday

Google Doodle Honors Legendary Nigerian Musician Oliver De Coque On 74th Birthday

April 14, 2021
The Morning Show

The Morning Show

April 14, 2021
The Morning Show

Morning Show

April 14, 2021
ARISE.TV HEADLINES 14-04-21

ARISE.TV HEADLINES 14-04-21

April 14, 2021
Tokyo Olympics: Japan Holds Gymnastics Test Event with Fans

Japan Faces Major Hurdles with 100 Days Until Tokyo Olympics

April 14, 2021
Daunte Wright Shooting: Police Resignations Fail to Ease Unrest Over Death

Daunte Wright Shooting: Police Resignations Fail to Ease Unrest Over Death

April 14, 2021
US to Withdraw All Troops from Afghanistan By September 11

US to Withdraw All Troops from Afghanistan By September 11

April 14, 2021
S/African Panel Orders Ex-leader Zuma to Testify in Corruption Probe

Zuma Asked to Suggest Penalty Over Contempt Case

April 14, 2021
Twenty Children Die in Niger Republic School Fire

Twenty Children Die in Niger Republic School Fire

April 14, 2021
EU Commission to End AstraZeneca and J&J Vaccine Contracts at Expiry

EU Commission to End AstraZeneca and J&J Vaccine Contracts at Expiry

April 14, 2021
Derek Chauvin Trial: Expert Says Use of Force on George Floyd ‘Justified’

Derek Chauvin Trial: Expert Says Use of Force on George Floyd ‘Justified’

April 14, 2021
Christian Association of Nigeria Rejects Wearing of Hijab in Christian Schools

Christian Association of Nigeria Rejects Wearing of Hijab in Christian Schools

April 14, 2021
Nigeria: 32 Refinery Licences Expired, Not Revoked, Says Department of Petroleum Resources      

Nigeria: 32 Refinery Licences Expired, Not Revoked, Says Department of Petroleum Resources    

April 14, 2021
en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
No Result
View All Result
Thursday, April 15, 2021
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • BUSINESS
  • Politics
    • US ELECTION
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • BUSINESS
  • Politics
    • US ELECTION
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
No Result
View All Result
Arise News
No Result
View All Result
Home Business

Heads of Nigerian Ministries Risk Arrest Over Late Submission of Financial Reports, Auditor-General Warns

March 27, 2021
Reading Time: 5min
0 0
0
Heads of Nigerian Ministries Risk Arrest Over Late Submission of Financial Reports, Auditor-General Warns

Adolphus Aghughu

Share on FacebookShare on Twitter

The Auditor-General of the Federation (AuGF), Adolphus Aghughu has warned the country’s head of Ministries, Departments and Agencies (MDAs) against late or non-submission of annual financial reports, saying grave sanctions including arrests awaits those who fail to submit theirs promptly.

Mr Aghughu said that the Directors or Heads of Accounts of such agencies would be subjected to both executive, legislative and treasury penalties for violating extant guidelines for prompt submission of the reports.

The AuGF made these assertions in a presentation titled: “Understanding annual reports and other financial and accountability documents for effective oversight” at a capacity building workshop for research fellows of the National Institute for Legislative and Democratic Studies (NILDS), in Abuja.

He insisted that no agency or organ of government is exempted from legislative oversight and audit under the Constitution – “not even the Villa, NASS or Supreme Court.”

He said that the sanctions for non-compliance with relevant laws and extant financial regulations on the prompt submission of annual financial reports range from suspension, removal from office, withholding of confirmation, denial of budgetary allocations and prosecution, “if suspected of fraud.”

He listed the sanctions for late/non-compliance with regulations on submission of annual/financial reports to include: “Invitation of Accounting Officers by the legislators to justify non/late submission of annual/financial reports.

“Issuing of Warrants of Arrest against those who failed to honour the invitation.

“Directing the removal of erring Accounting Officers or withholding the confirmation of those requiring the consent of legislators

He said that the executive sanctions include suspension or removal of erring Accounting Officer and prosecution if fraud is suspected.

According to him, the treasury sanctions include that such a: “Director or Head of Accounts of the MDA shall be given query for non-submission of Transcript (Trial Balance) and annual financial statements.

“Where there is no satisfactory answer within 21 days, allocation of funds to the MDA shall be suspended indefinitely (Financial Regulation 3123).

“Paragraph 5.4 of the Treasury Circular Ref.: OAGF/CAD/026/VOL.III/108 dated 1st December 2016, further re-emphasised issuance of query to the Director or Head of Accounts for non-compliance with the AGF’s directive on preparation and submission of statutory financial statements.”

He added that: “No agency of government is exempted from legislative oversight and audit under the Constitution – not even the Villa, NASS or Supreme Court.

“All financial transactions whether relating to security architecture of government or not must be available for oversight and audit.

“Remember, when you are out of that seat, the records will be made available by your successor if there is a probe.

“Auditors from OAuGF must be seen as partners in ensuring public accountability and not policemen.

“The Auditor-General Reports assist the Legislators to scrutinise the management of public funds by MDAs.

“All extant regulations on submission of annual reports/financial statements as well as other Financial and accountability documents must be complied with to avoid queries/sanctions.

“There should be strong administrative will to invoke the appropriate sanctions on erring Accounting Officers for failure to or late submission of annual reports/financial statements and other accountability documents.

“With this, Nigeria will not be seen by the international community as an unserious nation where anything goes.

“There is no alternative to full compliance with laws and other extant regulations on preparation and submission of annual report/financial statements.”

He noted that the implications of late/non-submission of annual financial reports are that the “Accountant General will: Have nothing to consolidate if the MDAs fail to submit their annual financial reports/financial statements.

“Submit consolidated FS (Financial Statements) after the deadline stipulated by the FRA (Fiscal Responsibility Act) 2007.

“The Auditor-General will have nothing to Audit and report on as required by Section 85(5) of the Constitution.

“The legislators will have nothing to scrutinise (oversight becomes difficult).

“The executive will have no basis to justify allocation to MDAs, approval of another term for CEOs (Chief Executive Officers), etc.

“The public is denied of assessment tool of those occupying positions of authority.”

The Director-General of NILDS, Prof. Abubakar Sulaiman, in his opening remarks, said that the focus of the workshop was to expose participants to some of the fundamental and inner workings of the National Assembly.

According to him, the fundamentals of the National Assembly include the “operations of specialised committees, relationship between the legislature at the national and sub-national levels, the relationship between supreme audit institutions and the National Assembly as well as legislative procedures for processing special oversight documents such as annual reports and other financial and accountability documents.”

He added: “The workshop also considers other issues such as inter-chamber cooperation, the operations of legislative caucuses and how to leverage on research to improve the oversight function of the Assembly.”

By Abel Ejikeme

Tags: Adolphus AghughuAuditor-General of the Federation (AuGF)Heads of Nigerian MinistriesLate Submission of Financial Reports
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 Arise News - Part of the Arise Media Group.

No Result
View All Result
  • HOME
  • Breaking
  • Global
  • Regional
  • BUSINESS
  • Politics
    • US ELECTION
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates

© 2020 Arise News - Part of the Arise Media Group.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist