The startling revelation was made on Tuesday before the SPAC, which is chaired by Senator Mathew Urhogbide.
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It was alleged by the Committee, Chaired by Senator Mathew Urhogbide, that the principal sums deposited, the tenor and rate of interest were shrouded in secrecy.
The Senate query was contained in the 2015 Auditor General Report, which was submitted to the Senate Committee on Public Accounts, chaired by Senator Mathew Urhogbide, who frowned at the failure of the SMEDAN to present supporting documents of the N298 million spent by some of its officials in 2013.