Foreign Affairs Ministry, BoA, NCoS, NEPZA, Others Indicted In ₦103bn Financial Scandal

Foreign Affairs Ministry, BOA, NCoS, and NEPZA among others have been indicted in ₦103bn financial scandal by the House of Representatives.

 

NewsOnline Nigeria reports that the House of Representatives has indicted the Ministry of Foreign Affairs, Bank of Agriculture (BoA), Nigeria Export Processing Zones Authority (NEPZA), Nigeria Correctional Service (NCoS), and several other government bodies in a damning report that exposes over ₦103.8 billion and $950,000 in financial infractions.

The revelations came following the adoption of the Public Accounts Committee’s (PAC) findings on the 2019/2020 Auditor-General’s Reports, presented by Committee Chairman, Hon. Bamidele Salam.

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The lawmakers have now directed Nigeria’s foremost anti-graft agencies the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover the misappropriated funds and ensure their prompt remittance to the federal treasury.

Foreign Affairs Ministry in Spotlight Over Embassy Lodge

 

Among the most striking findings was the Ministry of Foreign Affairs, faulted for unauthorized spending on the construction of a presidential lodge at the Nigerian Embassy in Addis Ababa, Ethiopia. The PAC report revealed that the ministry spent over ₦124 million and $795,000 without proper authorization or appropriation.

Further irregularities include ₦31.7 million and $155,923, flagged as funds expended without legislative backing. The Ministry was also directed to recover ₦49.4 million paid for renovations done without adhering to public procurement procedures, as well as ₦9.2 million disbursed to embassy officials without adequate documentation.

Bank of Agriculture Faces ₦75.6 Billion Debt Crisis

The Bank of Agriculture came under heavy fire for failing to recover ₦75.6 billion in loans. The House directed the BoA’s management to publish the names of all debtors in at least three national dailies, while mandating the EFCC and ICPC to commence full recovery of the outstanding sums.

An additional ₦350 million flagged in the report is to be retrieved, with the bank given a 90-day deadline to provide evidence of compliance to the National Assembly.

NEPZA and Correctional Service Caught in the Net

The Nigeria Correctional Service (NCoS) was not left out, as the committee ordered it to recover and remit ₦7.47 million in unpaid withholding taxes to the treasury.

The Nigeria Export Processing Zones Authority (NEPZA) was directed to retrieve eight official vehicles from individuals who retained them illegally, and to recover an additional four operational vehicles reportedly in the possession of the Ministry of Industry, Trade and Investment.

Legislative Firepower Meets Anti-Corruption Mandate

 

This latest report represents one of the most far-reaching financial scrutiny exercises undertaken by the House in recent years. Lawmakers say the findings reflect systemic abuse of public funds and called for full-scale accountability from the indicted institutions.

“This is not just a report—it’s a mandate to clean up the rot in public finance,” said Hon. Bamidele Salam while presenting the findings. “Nigerians deserve to know how their money is being spent, and this House is committed to ensuring that those who breach public trust are held accountable.”

With the ball now in the court of anti-corruption agencies, pressure is mounting for swift investigations and prosecutions. Nigerians will be watching closely to see whether this report sparks real consequences—or simply gathers dust like many before it.