The audit report of the Rural Electrification Agency was carried out by the Office of Auditor-General if the Federation has exposed over #2 billion fraud committed by the agency.
The report gathered shows that, "the agency reflected the sum of N2,781,572,787.58 (Two billion, seven hundred and eighty-one million, five hundred and seven-two thousand, seven hundred and eighty-seven naira, fifty-eight kobo) as a balance for work in progress.
"Some of the projects that constituted this figure were electrification projects funded by the government through the agency which had been completed and handed over to the various Distribution Companies (DISCOs).
"It would therefore be improper to continue to retain them in books since they are no longer under its control and possession. Requests for breakdown and details of the above figure were not granted."
The Managing Director responded to the allegation as he stated that, "the agency was advised to treat the items as work in progress pending further directives from the Accountant-General of the Federation," the report stated.
"The Managing Director, in consultation with the Office of the Accountant General, is, therefore, required to ensure proper treatment of the work-in-progress to correct the errors and misstatements in the financial statements."