Despite the consistent announcement of recovered funds, the Central Bank of Nigeria (CBN) has failed to provide a record of the monies recovered.

This is according to the 2019 audit report published on its website and obtained by Ripples Nigeria on Tuesday.

CBN failed to record in its books recovered funds between January 2016 and December 2019.

Part of the report reads: “Audit observed from the review of Recovered Funds component of Inflows of Foreign Reserves that the sum of $40,502,645.06 (Forty million, five hundred and two thousand, six hundred and forty five dollar, six cents) was reported in the Summary of Monthly Foreign Exchange Cashflows last in December 2015.”

“No amount was shown as Recovered Funds between 2016 and 2019, and there was no justification for the nil recovery between 2016 and 2019 despite various public statements of recovered funds by the Economic and Financial Crimes Commission (EFCC) and other agencies of government,” the report added.

According to Audit, CBN failing to provide details stands a risk of misinformation of the public.

The Audit office therefore requested CBN Governor furnish reasons for the nil recovery records between 2016 and 2019 or there might be sanctions relating to gross misconduct.

In response to the allegation from the Audit office, CBN said there was no inflow for the period January 2016 – December 2019.