ICPC recovers N216.7m unspent funds from RMRDC

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered N216.7 million from the Raw Materials Research and Development Council as unspent recurrent funds between 2006 and 2010, it was learnt yesterday.

The commission said that RMRDC has not been remitting is unspent funds to the treasury as statutorily required.

A statement by the Resident Media Consultant to the commission, Mr. Folu Olamiti said the discovery of the unspent funds was part of a system review exercise carried out by ICPC.

The statement said: “This discovery was contained in a report of the system study review exercise carried out by the anti-graft agency meant to ensure full compliance and strict adherence with government policies on remittance of unspent balances at the end of financial year.

“The total recovered from the council had been paid into the ICPC recovery account domiciled with one of the old generation banks in the country.

“Besides, the backlog of un-remitted taxes (VAT & WHT) amounting to N21.9 million for the periods of October 2009 to December 2010 has also been remitted directly to Federal Inland Revenue Services by the council as directed by ICPC.

“The report indicated that “during the same period, 2006-2010, the councils total Internally Generated Revenue (IGR) from the various sources amounted to N69.5 million, from the IGR, the council was expected to retain 20 percent for its operations and remit 80% to the Federal Government, consolidated revenue fund account.

“The review report however confirmed that only N30.9 million has so far been remitted to the federal government account, leaving a short fall of N24.7 million as un-remitted before the study was carried out.

“It was in the course of the review exercise that operatives of the ICPC discovered that the council has not been remitting its unspent balances under the personnel and overhead cost at the end of each financial year, instead such balances were unusually rolled over to the following financial year in gross violation of the extant rules and regulations. “

The statement gave details of unspent balances uncovered by ICPC team.

It added: “At the end of the system study review exercise, the following amounts were confirmed as unspent balances under the personnel and over head cost.  Accounts as well as the outstanding credit balance under the internally generated revenue account (IGR) respectively all amounting to N217, 606,106.08 as at 31st December 2010. “The report showed.

“The review exercise which was carried out between April and July this year also indicated that the sum of N33.1 million was paid to the council by the NDIC through Ecobank Nigeria Plc as part payment of money trapped at the defunct All states Trust Bank Nigeria Plc. This money, the report said was subsequently transferred to the over head account where it was utilized alongside with other allocations.

“A total sum of N11.7 billion was received by the council as allocation for its activities under personnel and over head costs between the periods 2006 and 2010 reviewed by the ICPC.”