The Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye, has revealed the dire financial situation she encountered upon assuming office in 2017.
During an interview on Channels Television’s “Inside Sources” program, Adeyeye disclosed that she inherited a staggering debt of N3.2 billion, with an additional N500 million unaccounted for.
“When I got to NAFDAC, I met N3.2b debt, and N500m missing and there was no account for it before I came,” Adeyeye stated.
The NAFDAC boss expressed her shock at the financial mismanagement, particularly given the exchange rate at the time.
“Bear in mind that at that time, N1 million was equivalent to $2,000. So multiply $2,000 by N500m,” she explained, highlighting the magnitude of the missing funds.
Adeyeye, who had previously worked in the United States, compared the situation to practices in developed countries.
“I was coming from the US where money was hard to get. You worked hard for your money,” she said.
The Director-General emphasized the severity of the financial crisis, noting, “If that had happened in the US, NAFDAC would have been declared bankrupt, and a financial house would have taken over the management of our finances.”
Despite the challenging circumstances, Adeyeye chose to view the situation as an opportunity for improvement.
“I could have given up but I saw an opportunity and I seized it,” she affirmed.
However, she acknowledged the difficulties faced in addressing the financial issues, stating, “It was tough because… I didn’t have money to hire a financial house.”