In a revelation as damning as the biblical account of Ananias and Sapphira, who held back part of the proceeds from their land sale and paid for it with their lives, the Nigerian Security Printing and Minting Company (NSPMC) stands accused of concealing over ₦113 million in revenue meant for the national treasury.
This startling finding is contained in an exclusive federal audit document obtained by The News Chronicle. The audit reveals a breach of financial regulations by the institution responsible for printing Nigeria’s currency and security documents—a betrayal akin to a trusted banker pilfering the vault.
According to the report, the NSPMC declared a total of ₦1,071,650,636.33 as revenue generated from invoices on security documents in its 2020 financial report.
However, the audit team, after cross-examining actual invoice records, discovered that the company’s internally generated revenue (IGR) for the year stood at a higher figure of ₦1,184,979,436.33—an undeclared difference of ₦113,328,800.00.
There was, shockingly, no documented explanation for the shortfall. The auditors noted:
“There was no evidence to justify the under-declaration of the revenue in the financial statements…”
This clear deviation from the law, the auditors said, violates Paragraph 236 of the Financial Regulations (2009), which mandates all MDAs to transfer collected IGR into the Consolidated Revenue Fund (CRF) by the 15th of the month following collection. Additionally, the Treasury Circular of November 2016 prescribes that partially funded federal agencies either remit 25% of their gross revenue or 80% of their operating surplus, whichever is higher.
By failing to report the ₦113 million difference, the company potentially breached both provisions.
The audit traced the ₦113 million revenue shortfall to weak internal control mechanisms within the Nigerian Security Printing and Minting Company (NSPMC), describing it as a troubling revelation for an institution central to Nigeria’s financial system.
According to the report, the consequences of such lapses are far-reaching, including loss of government revenue, difficulty in financing the national budget, and the potential diversion of public funds. The auditors expressed grave concern, noting that the failure undermines public accountability and transparency.
Compounding the issue, the report noted that the management of NSPMC failed to respond to the audit query. The auditors interpreted the silence as a significant red flag, suggesting an unwillingness to engage in the accountability process. “Since the Management failed to respond to the issue raised, the findings remain valid until the Management implements the recommendations,” the report stated.
In response to the discovery, the audit called for immediate action. It urged the Managing Director of the NSPMC to explain the underreported revenue of ₦113,328,800.00 to the Public Accounts Committees of the National Assembly. It also recommended that the full amount be refunded and paid into the Treasury.
Furthermore, the company is expected to forward proof of remittance to the National Assembly’s audit committee. Should the NSPMC fail to comply, the auditors advised that sanctions stipulated in Paragraph 3112 of the Financial Regulations, 2009—which deal with failure to account for government revenue—should be applied.
