The Minerals Income Investment Fund (MIIF) is facing mounting accusations of a cover-up after refusing to release its 2024 financial audit report, despite confirmation from the Auditor-General that the audit has been completed and signed off, a direct violation of the MIIF Act, which requires prompt disclosure once the report is finalised.
In a Right to Information (RTI) response dated 5 November 2025, the Auditor-General confirmed that MIIF’s 2024 financial statements had been fully audited and the official Audit Opinion signed on 27 June 2025.
The confirmation came in a letter signed by Frederick E. Lokko, Assistant Director of Audit/Information Officer, following an RTI request filed by a former MIIF board member.
The Auditor-General’s office stated unequivocally: “Yes. The Service has completed the audit of the 2024 financial statements of the Minerals Income Investment Fund (MIIF). The report (audit opinion) was signed off on 27th June 2025.”
Further, the Auditor-General confirmed that copies of the completed audit report were issued to the MIIF Board and the Minister for Finance on the same date, in accordance with statutory requirements.
Despite receiving the audit report more than four months ago, MIIF’s leadership has failed to publish it, even though the MIIF Act mandates prompt publication.
This refusal persists even after an earlier RTI request submitted on 26 September 2025 by the same former board member to the MIIF CEO. MIIF has since stonewalled every request, refusing to release a report that must be disclosed under the law.
The Auditor-General also clarified why MIIF’s 2024 audit does not appear in the 2024 consolidated report submitted to Parliament:
“The current Auditor-General’s report submitted to Parliament covering the 2024 financial year does not include issues (if any) about MIIF’s 2024 financial statement audit.
This was due to timing differences. Therefore, any significant findings… will be reported in the next Auditor-General’s report … in the year 2026.”
This explanation makes MIIF’s ongoing refusal even more suspicious. The Auditor-General has completed the work. Parliament will only see MIIF’s audit findings in 2026. Yet MIIF itself refuses to release the report now, as required by law.
Recent months have seen multiple media stories praising MIIF’s remarkable profitability and the success of its gold trade programme. However, current MIIF management has publicly denied these reports, prompting concerns among former board members and industry observers.
In an attempt to clarify the true financial position of MIIF, a former board member filed a series of RTI requests, requests firmly grounded in the MIIF Act and the Right to Information Act. Each request was flatly rejected by MIIF.
This refusal is not only a breach of transparency but constitutes a direct contravention of the Right to Information Act, 2019 (Act 989) and the Minerals Income Investment Fund Act, 2018 (Act 978).
Both laws require MIIF to disclose financial information upon completion of an audit. With the Auditor-General confirming that the audit is complete, the report is signed, statutory recipients have received it, and the audit does not appear in the 2024 report to Parliament due only to timing, there is no lawful basis for MIIF to withhold the audit report.
The continued refusal raises critical questions: Is MIIF concealing profits, or is it engaging in prudent management? Does the 2024 audit contradict the current management’s public denials of profitability? Why breach two separate Acts of Parliament to hide a document that must legally be public?
Until MIIF releases the report and complies with the law, suspicions of a cover-up will only deepen.
