{"id":439031,"date":"2011-06-10T01:03:57","date_gmt":"2011-06-10T01:03:57","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/10\/neco%e2%80%99s-n414m-diverted-into-18-bank-accounts-icpc-alleges\/"},"modified":"2011-06-10T01:03:57","modified_gmt":"2011-06-10T01:03:57","slug":"necos-n414m-diverted-into-18-bank-accounts-icpc-alleges","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/10\/necos-n414m-diverted-into-18-bank-accounts-icpc-alleges\/","title":{"rendered":"NECO\u2019s N414m diverted into 18 bank accounts, ICPC alleges"},"content":{"rendered":"
\n

ByIkechukwu Nnochiri
ABUJA \u2014 The Independent Corrupt Practices and Other Related Offences Commission, ICPC, yesterday, said\u00a0 investigations it conducted into the account of the National Examination Council, NECO, revealed that about N414 million belonging to the establishment was diverted into 18 different accounts in several commercial banks across the country.<\/p>\n

The anti-graft body which made this disclosure via a statement in Abuja, signed by the Head, Public Enlightenment at the ICPC, Mr Mike Sowe, said its Financial Investigation Unit, FIU, which conducted a system study and review of NECO, equally discovered among other things, that the examination body has a culture of poor maintenance of accounting books and records, a situation it said led to the contravention of extant rules and regulations established by the Government.<\/p>\n

ICPC maintained that sequel to its findings, NECO might be compelled to remit to the coffers of the Federal Government, the sum of N320 million, being balance on its Internally Generated Revenue as at 31st December 2010, another N78 million\u00a0 which is the balance on its personnel vote and N16 million\u00a0 being unspent balance on the Overhead Vote.<\/p>\n

According to the statement which was signed by the Head, Public Enlightenment at the ICPC, Mr Mike Sowe, \u201cas part of measures aimed at identifying and preventing practices that encourage corruption in Ministries, Departments and Agencies, the ICPC recently concluded a system study and review of the National Examinations Council (NECO) and discovered among other things that the Council has a culture of poor maintenance of accounting books and records which has led to contravention of extant rules and regulations established by the Government.<\/p>\n

\u201cOperatives from the Financial Investigation Unit of the Commission who conducted the System Review and Study discovered that NECO was maintaining 18 different accounts in several Commercial Banks for its Internally Generated Revenue (IGR) which is a clear violation of the extant rule which provides for only 3 Bank Accounts.<\/p>\n

\u201cFollowing the findings of the\u00a0 exercise, the Council may be compelled to remit to the coffers of the Federal Government the sum of N320 million being balance on its Internally Generated Revenue as at 31st December 2010; and another N78 million which is the balance on its Personnel vote.The Council is also likely to to remit N16 million being unspent balance on the Overhead Vote.<\/p>\n

\u201cAs a result of the loopholes discovered during the System Study and Review of the\u00a0 National Examinations Council, whereby it was spending its Internally Generated Revenue on items not covered by the Appropriation Act for each year, the ICPC may forward a recommendation to the National Assembly for an amendment of the Act setting up the Council, to permit the withholding of a certain percentage of its Internally Generated Revenue, a position on which the law is silent.<\/p>\n

\u201cThe Council, on the other hand, may receive a strong warning on the need to comply with the regulation on the remittance of all revenue and unspent balances to the Sub-Treasury\u201d, it added.<\/p>\n

Filename ICPC June 9, 2011<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

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\nNECO\u2019s N414m diverted into 18 bank accounts, ICPC alleges<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ByIkechukwu Nnochiri ABUJA \u2014 The Independent Corrupt Practices and Other Related Offences Commission, ICPC, yesterday, said\u00a0 investigations it conducted into the account of the National Examination Council, NECO, revealed that about N414 million belonging to the establishment was diverted into 18 different accounts in several commercial banks across the country. <\/p>\n","protected":false},"author":0,"featured_media":439032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-439031","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"\nNECO\u2019s N414m diverted into 18 bank accounts, ICPC alleges - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/10\/necos-n414m-diverted-into-18-bank-accounts-icpc-alleges\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NECO\u2019s N414m diverted into 18 bank accounts, ICPC alleges - 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