The query and Senate’ s resolution read: ” Unauthorised transfer of N2.5billion representing PHCN proceeds in Access Bank and FCMB Accounts were diverted to ASO Savings and Loans Plc, as a condition precedent to the Staff Cooperative Mortgage , contrary to Financial Regulation 3205. The Committee observed that there was no approval from Debt Management Office ( DMO) for the Bureau to secure loan from ASO Savings just as it was also observed that there was collusion between ASO Savings and BPE. Consequently, the sum of N2.5billion with all accrued interest be remitted to the CRF by BPE with evidence of remittance forwarded to the Auditor General of the Federation and Senate Public Accounts Committee. All officers involved in the transaction should be surcharged for the loss of government revenue in line with Financial Regulations 3106 and 3115″.
BPE as contained in the adopted report , was also alleged of non – remittance of N1, 135, 139, 199.77billion earned interest on fixed deposit in various commercial banks. The N1.135billion interest as explained in the query and adopted report was from N19, 774, 272, 998.55billion deposited in various commercial banks which BPE management in its response , said it was used to settle PHCN Staff severance benefits. The Committee in its report , accused the Bureau of breaching Financial Regulations and recommended for remittance of the N1.135billion to the Consolidated Revenue Fund. The report stated thus, “The Committee recommends that the Bureau pay the sum of N1, 135, 139, 199.77billion to the Consolidated Revenue Fund , in accordance with relevant Financial Regulations and submit evidence of remittance to the Auditor General of the Federation and Senate Public Accounts Committee.”
The Committee also observed alleged non-remittance of N387, 771, 741.82million incidental taxes to the Federal Inland Revenue Service ( FIRS) by BPE from the mandatory 10% WHT collected as service charge from different investors in the year under review.
The report states: “The Committee observed that WHT totalling N387, 771,741.82, was not paid to FIRS despite BPE’s promise 5 years ago that all incidental taxes shall be deducted and remitted to FIRS.
“The Committee, therefore, recommends that the sum of N387, 771, 741.82million be remitted into the CRF by the Bureau and evidence of remittance submitted to the Auditor – General for Federation and Senate Public Accounts Committee.”