3 December 2012

Nigeria: Mint - CBN Auditors Uncover N400 Million Fraud

Auditors drafted from the Central Bank of Nigeria (CBN) to audit the Nigerian Security Printing and Minting Company have uncovered about N400 million fraud in the company, a source privy to the audit told Daily Trust at the weekend.

Both the Abuja and Lagos offices of the company have been audited and the outcome of the audit will be submitted to the Board of the company on Wednesday, where the embattled Managing Director of the company Ehi Okoyomon is expected to appear.

Okoyomon was asked to proceed on a compulsory leave last week when it was discovered that a certain amount was missing from the company.

A production staff of the company was arrested while trying to move out over N1 million from the office.

About N1.5 billion was initially alleged to be missing from the company but our source said that the auditors uncovered only N400 million.

Staff of the company were briefed on Friday about the situation in the company. They were informed about the board meeting coming up this week, Daily Trust can confirm.

"The meeting will determined whether the Managing Director will return or not," our source said.

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