NEWS
NAFDAC discovers missing N500 million, faces N3.2 billion debt
A financial crisis has rocked the National Agency for Food and Drug Administration and Control (NAFDAC), with the discovery of N500 million unaccounted for during a four-month period in 2017.
This revelation, made by the agency’s Director-General Mojisola Adeyeye, highlights severe financial mismanagement within the organization.
Upon her appointment in November 2017, Adeyeye inherited not only the mystery of the missing funds but also a staggering N3.2 billion debt.
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These financial discrepancies in NAFDAC have raised concerns about the agency’s previous operations and its ability to manage public funds effectively.
The missing N500 million, equivalent to $1 million at the time, disappeared without any corresponding capital projects to justify the expenditure.
Adeyeye, shocked by the situation, questioned how such a large sum could vanish without accountability.
To address the crisis, the new leadership has implemented strict financial controls, cutting unnecessary expenses and seeking to plug the leaks that led to the financial drain.
The situation underscores the need for greater oversight and financial discipline within the agency to prevent future mismanagement and ensure its operational integrity.
