Reps interrogate NRC MD, Opeifa over ‘misappropriation’ of N12.91bn – The Witness Nigeria

The House of Representatives is imvestigating Kayode Opeifa, managing director of the Nigerian Railway Corporation (NRC) over alleged misappropriation of  ₦12.91 billion public funds,

The House Public Accounts Committee said the probe become necessary following the financial irregularities highlighted in the 2023 Auditor-General for the Federation’s report.

At the hearing on Monday, lawmakers questioned the corporation over three major audit queries involving billions of naira in transfers to its outstations, discrepancies in revenue records and the alleged failure to remit part of its internally generated revenue into the Consolidated Revenue Fund (CRF).

Opeifa who represented the corporation at the session presented explanations and supporting documents in response to the allegations.

However, the committee was dissatisfied with some of the responses, prompting lawmakers to establish reconciliation committees to examine the disputed transactions and determine the actual financial position of the railway corporation.

Jeremiah Umaru, Deputy Chairman of the committee, who presided over the hearing, said additional documents would be required before the lawmakers could reach conclusions on the outstanding queries.

One of the major issues examined at the hearing was the reported ₦6.62 billion transferred to the NRC’s various outstations.

Lawmakers focused particularly on the utilisation of ₦5.16 billion reportedly released to different districts, demanding a clearer account of how the money was spent.

The committee also questioned a reported ₦2.86bn difference between revenue captured in treasury receipt booklets and the amount recognised in the NRC’s audited financial statements.

Another transaction flagged by the auditors involved ₦19.6m spent on a chartered flight without sufficient evidence of utilisation.

The report further identified ₦221.8m in expenditure “on store items without ledger charges, ₦136.3m spent on residential buildings without corresponding rental income, and ₦39.45m in unretired cash advances.”

Other transactions highlighted included “₦28.13m spent on foreign trips without the required approvals and ₦4.64m in training fees paid in violation of the Federal Government’s e-payment policy.”

The lawmakers warned that government agencies must be prepared to account for every public expenditure and provide documentary evidence to support their financial records.

The committee maintained that it would not “hesitate to impose appropriate sanctions on any agency found wanting in the discharge of its financial responsibilities.”