Assembly demands answers over D13M missing Farafenni Ferry
According to the Committee’s report on the scrutiny of the 2022 audited financial statements, management letters and activity reports of state-owned enterprises, auditors were informed that the ferry had been disposed of in 2022. However, no supporting documents were presented for review, while the disposal was not reflected in the company’s 2022 financial statements or financial records. “The Board and Management must provide the advertisement of the ferry disposal, the marine surveyor report and GPPA approval for the sale by the end of July 2026,” the Committee stated. The report also questioned the use of GMD60,000 in board sitting allowances owed to Mr. Edrissa Mass Jobe to offset staff loans. Auditors found no written authority from Mr. Jobe approving the transaction. “The Committee recommends that Management should ensure that formal authority is obtained from Mr. Jobe before carrying out such transactions,” the report said. Auditors further found that GFSC has no accounting manual, despite its role in ensuring accountability, improving decision-making and supporting operational viability. The Committee ordered Management to develop and present the manual by the end of December 2026. The report also revealed that the company spent GMD11,491,116.73 on staff training without having a formal training policy in place to guide employee development and compliance. In addition, auditors found that GFSC operates without a Disaster Recovery Plan to protect its information technology systems from cyber-attacks, system failures or natural disasters, and has no strategic plan to guide its operations. The Committee further identified several weaknesses in the management of company assets, including faded asset tags, lack of Board approval for the asset capitalization policy, failure to follow the approved depreciation policy, an inaccurate depreciation charge of GMD198,905.47, the absence of a capitalization threshold, no evidence of annual fixed asset verification reports and the failure to maintain an aged analysis report for receivables. The Committee directed the Board and Management to implement the recommended corrective measures and submit the required documents within the timelines outlined in the report.
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According to the Committee’s report on the scrutiny of the 2022 audited financial statements, management letters and activity reports of state-owned enterprises, auditors were informed that the ferry had been disposed of in 2022. However, no supporting documents were presented for review, while the disposal was not reflected in the company’s 2022 financial statements or financial records.
“The Board and Management must provide the advertisement of the ferry disposal, the marine surveyor report and GPPA approval for the sale by the end of July 2026,” the Committee stated.
The report also questioned the use of GMD60,000 in board sitting allowances owed to Mr. Edrissa Mass Jobe to offset staff loans. Auditors found no written authority from Mr. Jobe approving the transaction.
“The Committee recommends that Management should ensure that formal authority is obtained from Mr. Jobe before carrying out such transactions,” the report said.
Auditors further found that GFSC has no accounting manual, despite its role in ensuring accountability, improving decision-making and supporting operational viability. The Committee ordered Management to develop and present the manual by the end of December 2026.
The report also revealed that the company spent GMD11,491,116.73 on staff training without having a formal training policy in place to guide employee development and compliance.
In addition, auditors found that GFSC operates without a Disaster Recovery Plan to protect its information technology systems from cyber-attacks, system failures or natural disasters, and has no strategic plan to guide its operations.
The Committee further identified several weaknesses in the management of company assets, including faded asset tags, lack of Board approval for the asset capitalization policy, failure to follow the approved depreciation policy, an inaccurate depreciation charge of GMD198,905.47, the absence of a capitalization threshold, no evidence of annual fixed asset verification reports and the failure to maintain an aged analysis report for receivables.
The Committee directed the Board and Management to implement the recommended corrective measures and submit the required documents within the timelines outlined in the report.
