Sunday, June 23, 2024

Finance Ministry probes NAWEC’s financial affairs

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By: Hadram Hydara

The Ministry of Finance and Economic Affairs has set up a task force to launch an investigation into the financial affairs of the National Water and Electricity Company (NAWEC).

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In a letter seen by TFN, the Finance Ministry has asked for and demanded NAWEC to avail the assigned task force of all necessary financial documents and information.

“In line with our previous communication to you referred MF/F/166 (48), dated 12th October 2022, informing you of the task force set up by the Honourable Minister of Finance and Economic Affairs to look into the financial affairs of NAWEC, we hereby kindly seek your assistance in availing the task force the following documents/information:

All power purchase agreements (PPAs), all procurement contracts signed during the last three years (from D1 million and above), all IT and consultancy contracts, draft statements of Management Accounts (2020 & 2021), all internal audit reports for the last three years, details breakdown of revenue source (2020-2022 Q2).

Cash flow forecast for the year 2023, accounts receivable Aging report-summary (water and electricity) as of 30th June 2022, accounts Payable Aging report-summary as of 30th June 2022, inventory Aging report-summary as of 30th June 2022, all bank accounts balance as of 30th June 2022, and contingent assets and liabilities, if any.”

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When contacted for comment on the request of the Finance Ministry, the Managing Director of NAWEC Nani Juwara, confirmed receiving the letter. However, when asked if the Finance Ministry made it known why they want to look into NAWEC’s financial affairs, the MD said: “No, not yet. As of now, we have only been served with this letter [letter requesting information and financial details of NAWEC)”.

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