Africa-Press – Gambia. The 2023 report from the National Audit Office has revealed that revenue amounting to D24,442,358.89 from the sale of Mega Bank, received from KM Holdings on 31 August 2023, was not disclosed in the government’s financial statements.
According to the audit, D23,031,187.10 of this undisclosed amount was transferred by the Central Bank directly to accounts at Guarantee Trust Bank, bypassing the Consolidated Revenue Fund (CRF) and the Treasury Main Account (TMA).
The auditors recommended that management ensure full disclosure of the balance in financial records and provide evidence of such disclosure to the audit team for verification.
In response, management stated that the amount credited to the Treasury Main Account was D896,805,125.96—representing payment from KM Holdings. The additional D24,442,358.89 paid on 31 August 2023 was not reflected in the financial statements because it was not deposited into the Treasury Main Account.
The audit report noted that Mega Bank was sold for a total of GMD 921,247,484. However, only GMD 896,805,125.96 was recorded in the TMA and disclosed in the financial statements. “The remaining balance of GMD 24,442,358.89 was receipted into the Central Bank of The Gambia account number 124090001, designated for investment in Keystone Bank. This amount was neither routed through the Consolidated Revenue Fund/Treasury Main Account (CRF/TMA) nor disclosed in the financial statements,” the report states.
The auditors further confirmed that D23,031,187.10 of the D24,442,358.89 was transferred by the Central Bank to Guarantee Trust Bank accounts without going through the CRF/TMA, leaving the discrepancy unresolved.
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