Unskilled Criminals: Petroleum Technology Development Fund’s Management Become Deaf And Dumb As Document Exposes N46.9M Payment To Contractors for Ghost Services

Secrets Reporters

In a stunning revelation from an audit report obtained by SecretsReporters, the Petroleum Technology Development Fund (PTDF) is in hot water for paying out a whopping ₦46,974,216.43 to three companies for services that were never rendered. This financial scandal has cast a long shadow over the Fund’s management practices.

The audit document unearthed a series of alarming financial irregularities, painting a picture of an organization whose financial controls are as porous as a sieve. According to the document, payments were made to three different companies for various services without any evidence that the work was actually carried out. This flagrant disregard for financial regulations has sent shockwaves through the system.

One particularly egregious example cited in the report involves a contractor who was engaged on April 13, 2021, but received payment for services supposedly rendered in March, April, and May of the same year. This payment was made through a payment voucher dated November 19, 2021. The report highlights that the contractors were paid for periods they had not yet provided any services to the Fund, a clear violation of established financial protocols.

The audit report explicitly states that these anomalies are a symptom of “weaknesses in the internal control system at the Petroleum Technology Development Fund (PTDF), Abuja.” The auditors minced no words, identifying two major risks: the “loss of government funds” and the “diversion of government funds.”

In a move that has raised eyebrows, the PTDF’s management offered “No response” when confronted with these damning findings. As a result, the auditors have declared that the findings remain valid until the management takes action and implements the recommended corrective measures.

The audit report laid out a clear-cut set of recommendations to rectify the situation and hold those responsible accountable. The Executive Secretary of the PTDF is being called upon to account for the sum of ₦46,974,216.43 to the Public Accounts Committees of the National Assembly.

Furthermore, the auditors have recommended that the PTDF must recover the entire sum of ₦46,974,216.43 and remit it to the Treasury. They also insisted that evidence of this remittance be forwarded to the Public Accounts Committees of the National Assembly.

Finally, the report did not pull any punches, recommending that sanctions relating to irregular payment and the failure to spend public funds effectively, as prescribed in paragraphs 3106 and 3115 of the Financial Regulations, 2009, should be applied. This scandal serves as a stark reminder of the importance of due diligence and accountability in the management of public funds.