January 27, 2023



NSITF blames termites over unknown N17.128bn spending as Senate rages

From left to proper: Ijeoma Okoronkwo, board secretary Nigeria Social Insurance coverage Belief Fund (NSITF), Maureen Allagoa, govt director NSITF, Michael Akabogu, MD/CEO NSITF and Modu Gana, govt director operations, NSITF

Current and previous administration of the Nigeria Social Insurance coverage Belief Fund (NSITF) bumped into hassle waters on Friday in Senate for failing to justify spending of  N17.158 billion in 2013 with required evidential paperwork, a few of which had been alleged to have been eaten up by termites.

The N17.158 billion as said within the 2018 Audit report,  was the whole sum of money  tansfered  by NSITF from its Skye  and First Financial institution accounts into numerous untraceable accounts belonging to people and corporations from January to December 2013 .

Auditor – Basic’s workplace had within the 2018 Audit report, raised 50 completely different queries bordering on alleged misappropriation of funds by administration of the company , that are being seemed into by the Senate Committee on Public Accounts.

Particularly on the N17.158billion unsubstantiated transfers made by NSITF , the question reads: “Administration of NSITF as proven in statements of Account No. 1750011691 with Skye financial institution plc, for the interval 1st January, 2013 to twentieth December, 2013, and Statements of Account No.2001754610 with First Financial institution Plc for the interval seventh January, 2013 to twenty eighth February, 2013, transferred  quantities totalling N 17,158,883,034.69billion   to some individuals and corporations from these accounts.

“Nevertheless, cost vouchers referring to the transfers along with their supporting paperwork weren’t supplied for audit. Consequently, the aim(s) for the transfers couldn’t be authenticated.

“These  are in violation of Monetary rule 601 which states that “All cost entries within the cashbook/accounts shall be vouched for on one of many prescribed treasury types. Vouchers shall be made out in favour of the individual or individuals to whom the cash is definitely due. 

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“On no account shall a cheque be raised, or money paid for companies for which a voucher has not been raised”.

In sustaining or vacating the question, the Senate Committee headed by Senator Mathew Urhoghide (PDP Edo South), interrogated NSITF’s previous and current managements  on the place monies totalling  N17.158billion had been  transferred to between January and December 2013.

However neither of the managements may supply passable explanations on  the undocumented a number of transfers as these on the helm of affairs in 2013 instructed the committee that paperwork like vouchers had been left behind by them whereas the current Managing Director of NSITF, Dr Michael Akabogu, stated no paperwork of such is of their kitty .

“The Container the stated paperwork had been saved by previous administration has not solely been beating by rains over time however even presumably been eaten up by termites.

“As directed by this committee, I instructed the previous administration officers on the necessity for them to assist us out in answering this question with vital paperwork which haven’t been made obtainable for us,” he stated.

Nevertheless in his submissions, the Managing Director of NSITF from 2010 to 2016, Mallam Umar Munir Abubakar, stated he was unaware of the question and don’t have any explanations for it because the audit was not carried out throughout his tenure .

However his successor, Mr Adebayo Somefun, who was head of the company from Might 2017 to July 2020, stated these within the account part ought to have the ability to hint the  paperwork which the present  Basic Supervisor Finance , alleged to have been locked up in an deserted container throughout the premises of the Belief Fund in Abuja.

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Irked by submissions of the previous and current NSITF officers, the committee by its Chairman, Senator Urhoghide, descended closely on them by ordering them to re – seem earlier than the committee with all of the requested evidential paperwork unfailingly  on Thursday, September 22, 2022.

“This committee has given you folks greater than sufficient time to answer queries slammed on NSITF within the 2018 Audit report by the workplace of Auditor Basic of the Federation.

“The queries are 50 in quantity starting from one misappropriation to the opposite in billions of Naira . The one on N17.158billion a number of transfers carried out in 2013 has not been answered in any respect , to not speak of N5.5billion  allegedly diverted  right into a business checking account with out approval, N2.2billion unauthorised Funding with out satisfactory information and many others.

“These are fully unacceptable and the committee will be sure that  that these queries are sustained if required evidential paperwork on monies spent or  misappropriated, usually are not supplied,” he stated.