The Solomon Adeola-led House of Representatives Public Account Committee (PAC) yesterday ordered the management board of the Petroleum Equalisation Fund (PEF) to refund N27,051,618,579 to the Federation Account within three months – the monies being 80 per cent of the operating surpluses of the Fund for the period of five years.
PAC also directed PEF’s management board to refund another N20.22 million within the same period for expenses incurred on a landed property acquired in 2001 for its Headquarters which was revoked by the Federal Capital Development Authority (FCDA) in 2006. PAC Chairman gave the orders yesterday when the Fund’s Executive Secretary, Mrs Adefunke Kasali appeared before the Lower House committee alongside its management board to defend various audit queries from the office of the Auditor General of the Federation (AGF) from 2007 and 2011. Adeola instructed that PEF’s board to within one week furnish the committee with documents detailing the Fund’s operations.