Professor Mojisola Adeyeye, Director General of NAFDAC, revealed on Channels Television that she inherited a ₦3.2 billion debt and discovered ₦500 million in missing funds upon taking office.
In her Friday interview, Adeyeye highlighted the severity of the financial situation. Stating, “When I got to NAFDAC, I met ₦3.2 billion debt, and ₦500 million missing with no account for it,” she said.
Adeyeye compared the situation to what might occur in developed countries, noting that NAFDAC could have faced bankruptcy if similar circumstances had occurred in the United States.
She further explained, “At that time, ₦1 million was equivalent to $2,000. I was coming from the US, where money was hard to get.”
Despite the challenges, Adeyeye saw an opportunity for reform rather than giving up. “The situation was tough because, in the US, NAFDAC would have been declared bankrupt, and a financial house would have managed our finances,” Adeyeye noted.
Without the resources to hire external financial managers, she decided to implement technological changes to improve the agency’s operations.
“We started Zoom meetings in 2018,” she added. “Many resisted because they were accustomed to travel allowances and per diem. But we had to save.” Adeyeye stressed that despite the challenges, there is potential for progress within Nigeria, using NAFDAC’s experience as a case in point.
