N1.2bn missing in Railway Corporation

The chairman of the House of Representatives Committee on Public Accounts, Wole Oke, yesterday said the management of the Nigerian Railway Corporation failed to defend the allegation of N1.2bn missing from the coffers of the corporation.

The NRC management appeared before the committee based on an audit query raised by the Office of the Accountant-General of the Federation for the 2013 and 2014 financial years.

The committee rejected the presentations of the NRC management by Mrs O. Osunmade and Alhaji A. Niyi.

Oke said: “We’ll have to step down their matter for misrepresentation of facts, consequently; a subcommittee will be set up to look into the financial books and the activities of the corporation for accountability.