Reps probe WAEC finances from 2018 – 2023

From Ndubuisi Orji, Abuja

The House of Representatives has resolved to probe the finances of the West African Examination Council (WAEC) between 2018 to 2023.

Consequently, the House mandated its Committee on Basic Education Examination Bodies to to undertake the investigation and report back within four weeks for further legislative actions.

The committee is also expected to investigate WAEC’s Internal Generated Revenue (IGR) from 2018-2024 “and examine the financial books/records
and financial statement of the council from 2018-2023 to ascertain compliance with existing laws
governing the administration of public funds. ”

This is in addition to subjecting the 2024 IGR to approval of the National Assembly..

This followed the adoption of a motion by Amobi Ogah, on “need to Investigate Administration of Public Revenues and Expenditures of the West African
Examination Council from 2018 to 2023.”

Ogah, in his motion, observed that WAEC in 2022 obtained a N5billion facility from First Bank in addition to its statutory allocation. He noted that though the examination body “repaid the credit facility within the same year, but there
was no full disclosure as to the purpose of the loan in its financial statement. ”

The lawmaker added that it is worrisome that “as of January 12, 2019, WAEC has an investment of 2,974,510,000 units of shares worth
N1,45,000,000 in Megatons W.A. Limited, a company that engages in the business of printing security
and confidential documents.

“An additional investment of N32,255,000 was made in the same year, bringing the total value of the investment to N1,487,255,000 as of 31 December, 2019. However, the
company suddenly went into the liquidation process, and lots of provisions were made for impairment
of the investment in line with Internal Financial Reporting Standards (IFRS 9)”

He added that “Aware that N899, 375,000 provisions for impairment were made on the total investment, and it
represented 60% of the total investment. This is a huge loss that calls for questions as to why a proper
investment decision was not made ab initio;…WAEC proposed expenditure for the year 2024 is 42.9 billion, Naira whereas its IGR projection is 32 billion Naira”.