The House of Representatives has raised the alarm over the monumental misappropriation of public funds in West African Examination Council (WAEC) even as it revealed that some educational institutions and minitries, departments and agencies (MDAs) of government are guilty of financial impropriety.

This is coming on the heels of WAEC’s failure to provide its up-to-date audited accounts to the office of the Auditor-General of the Federation (AGoF) and relevant Standing Committees of the National Assembly.

Consequently, the House Committee on Public Accounts has resolved to investigate the financial status, assets and expenditure of the council in order to ensure accountability and transparency in the management of public fund.

The chairman of the House Committee on Public Account, Hon Solomon Adeola, who presided over the investigative public hearing at the weekend in Abuja, also expressed displeasure over the failure of some other MDAs to provide their audited accounts to the office of the AGoF from the inception of their operations.

According to a list compiled by the office of AGoF, which indicted WAEC along the MDAs, the Nigeria’s national office of the sub-regional body, which receives annual budgetary allocations of several billions of naira, is said to have failed to remit its revenue generated to the Federal Government’s coffers since inception as stipulated by extant laws.

“The attitudinal behaviour you have exhibited over the years does not portray the kind of institution Nigerians expect of WAEC. Is it the monumental fraud or lack of records or financial improprieties that have taken place in the institution?

“I was not taken aback when I found your name on that list. I was not surprised. It is expected.

“Sir, if you know the amount of fund accruing to WAEC day in, day out; year in, year out and all that WAEC can tell Nigerians is that they only submitted their audited account up to 2010? And as a result of our insistence that made them rush down with 2011 and 2012 while 2013 is still awaiting the signature of the Council.

“Aside from that all money accruing to you, you don’t report anything to the Federal Government, yet you still collect subventions like others.

“You are an endangered specie and we need to take care of you specially. So, it’s a special investigation to be conducted on WAEC,” Adeola said.

According to the committee chairman, his committee is going to investigate WAEC for 2011, 2012 and 2013, adding that they are not insinuating anything but it is only fair and proper that an institution like WAEC that is generating much revenue annually must account for how that revenue is spent.

“I know that a whole lot of activities including contracts are being awarded by WAEC. We want to know how much is generated by the sale of forms and how much subvention is paid to the headquarters in Accra as well as other expenditures,” he added.

Other MDAs and tertiary institutions slated for probe for failing to present their audited accounts to the office of AoGF over a period of two years and above include Central Bank of Nigeria (CBN), Bank of Industries (BoI), Asset Management Corporation of Nigeria (AMCON), Abuja Environmental Protection Board (AEPB), Consumer Protection Council (CPC).

Others are Nnamdi Azikwe University Akwa; Federal Medical Centre, Abeokuta; University of Ibadan; University of Agriculture Markurdi; University of Agriculture, Abeokuta; University of Calabar; Chattered Institute of Chemist and Federal Polytechnic Kaduna.

The committee also expressed dismay over mismanagement of fund at the University of Petroleum Effurum in Delta State, just as it directed the vice-chancellor of the University of Calabar and its former Bursar to appear before the committee.

The Committee had in a letter sent to the indicted institutions requested for their detailed financial reports between 2011 to 2013.

Click here to read from source.