The House of Representatives has mandated its Committee on Basic Education to investigate the West African Examination Council’s (WAEC) Internally Generated Revenue (IGR) from 2018 to 2023. This decision follows a motion brought by Representative Amobi Ogah, who expressed concerns over WAEC’s financial management and potential misuse of public funds.
WAEC, a treasury-funded organization, receives funds from the Federation Account and generates revenue from examination fees. However, the lawmaker noted that WAEC obtained a N5 billion credit facility from First Bank Plc in 2022 without disclosing the purpose of the loan. Additionally, WAEC made investments in Megatons W.A. Limited, a company that went into liquidation, resulting in a significant loss of N4.90 billion.
The House resolved to scrutinize WAEC’s IGR, financial statements, and debt collection from state governments to ensure accountability and prudent stewardship of public funds. The Committee on Basic Education is tasked with investigating WAEC’s financial activities and reporting its findings to the House.