Missing Millions, Black-Market Dollars and Uncollected Debts: News Agency of Nigeria Failed to Account for Public Funds and Foreign Exchange

Secrets Reporters

SecretsReporters has exclusively uncovered a pattern of financial irregularities at the News Agency of Nigeria totalling approximately ₦190.6 million plus US$48,000 covering the years 2019 and 2020. The findings, obtained solely by this newspaper, reveal under-remittance of government revenue, irregular acquisition of foreign currency on the parallel market, unaccounted cash releases to an overseas office, and a mountain of unrecovered subscription debts that have lingered for years.

The agency generated ₦216,553,924.38 in internally generated revenue over the two-year period. Under the applicable rules requiring 25 per cent remittance to the Consolidated Revenue Fund, ₦54,138,481.10 should have been paid into government coffers. Only ₦15,452,132.67 was actually remitted, leaving a shortfall of ₦38,686,348.43. No explanation was provided for the under-remittance, and the outstanding sum, together with any accrued interest, remains due to the treasury.

Despite maintaining a Central Bank of Nigeria domiciliary account, NAN purchased US$18,000 on the parallel market for officers’ official travel. Regulations require that foreign-currency contracts be processed through proper channels involving the Federal Ministry of Finance. The decision to resort to the black market not only exposed public funds to higher costs but also contributed, however modestly, to pressure on the naira’s exchange rate at a time when the currency was under significant strain.

Further foreign-exchange concerns surround the agency’s New York office. NAN released US$24,000 in quarterly running costs across 2019 and 2020, plus an additional US$6,000 in 2019 for property tax. No receipts, invoices or expenditure returns were produced to account for these funds. The total of US$30,000 remains unaccounted for, creating a clear risk that public money left the country without proper documentation or verification of its use.

The largest single naira figure involves unpaid subscription debts. As of 31 December 2020, NAN was owed ₦151,917,117.75 by various subscribers, some of the debts dating back to 2016. There was no evidence of sustained recovery efforts. For a government-owned news agency whose commercial income is meant to supplement its subvention, the failure to collect nearly ₦152 million in outstanding fees represents a significant loss of potential revenue that could have strengthened its operations.

The Managing Director held office throughout the 2019–2020 period under review. Unlike some other federal agencies that have faced high-profile leadership changes, public records do not readily identify the specific individual in charge at NAN during those years, and no management responses to the queries were forthcoming.

These exclusive disclosures highlight systemic weaknesses in revenue collection, foreign-exchange management and basic financial documentation at one of Nigeria’s key public information institutions. While the sums involved are smaller than those flagged at larger agencies, the pattern of under-remittance, irregular currency purchases, unaccounted overseas transfers and neglected debt recovery points to a culture of lax accountability.