The Auditor General of the Federation has disclosed that the Nigeria Export Import Bank (NEXIM) paid N31.68 million in 2024 for legal services and reimbursable expenses without meeting required regulatory and documentation requirements. According to the 2024 Annual Report on Non-Compliance, NEXIM paid N30.68 million to external legal firms without obtaining approval from the Attorney General of the Federation, contrary to an establishment circular. The report warned that such payments expose the bank to risks including higher legal fees, engagement of incompetent solicitors, and loss of public funds. The Auditor General attributed the irregularity to weaknesses in the bank's internal control.
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