The Nigeria Social Insurance Trust Fund (NSITF) has failed to justify spending N17.158 billion and told the Senate that termites have eaten most of the vouchers containing details of the spending.
The N17.158 billion, as stated in the 2018 audit report, was the total amount of money transferred by NSITF from its Skye Bank and First Bank accounts into various untraceable accounts belonging to individuals and companies from January to December 2013.
The officers in charge of the agency in 2013 told the committee that they left documents like vouchers behind.
However, the Managing Director of NSITF, Michael Akabogu, said that no documents of such were in their kitty.
“The container the said documents were kept by past management has not only been beaten by rains over the years but even possibly being eaten up by termites,” Akabogu said.
“As directed by this committee, I told the past management officers the need for them to help us out in answering this query with necessary documents which have not been made available for us,” he added.
“The management of the NSITF as shown in statements of Account No. 1750011691 with Skye Bank Plc, for the period January 2013 to December 20, 2013, and Statements of Account No. 2001754610 with First Bank Plc for the period January 7, 2013 to February 28, 2013, transferred amounts totalling N 17,158,883,034.69 billion to some persons and companies from these accounts,” the query on the N17.158billion unsubstantiated transfers made by NSITF reads.
“However, payment vouchers relating to the transfers together with their supporting documents were not provided for audit. Consequently, the purpose(s) for the transfers could not be authenticated.
“These are in violation of financial rule 601 which states that, ‘All payment entries in the cashbook/accounts shall be vouched for on one of the prescribed treasury forms. Vouchers shall be made out in favour of the person or persons to whom the money is actually due.
“Under no circumstances shall a cheque be raised, or cash paid for services for which a voucher has not been raised.”
The Senate committee headed by Senator Mathew Urhoghide (PDP Edo South) , interrogated NSITF’s past and present managements on where monies totalling N17.158billion were transferred to between January and December 2013.
The managing director of NSITF from 2010 to 2016, Mallam Umar Munir Abubakar, in his submission said he was unaware of the query and had no explanation for it since the audit was not carried out during his tenure.
On his part, Mr Adebayo Somefun, the director of the agency from May 2017 to July 2020, said those in the account section should be able to trace the documents which the current General Manager Finance claimed was locked up in an abandoned container within the premises of the NSITF in Abuja.
Unsatisfied by their submissions, the committee chairman, Senator Urhoghide, ordered them to reappear before the committee with all the requested evidential documents unfailingly on Thursday, September 22, 2022.
He stated: “This committee has given you people more than enough time to respond to queries slammed on NSITF in the 2018 Audit report by the office of Auditor General of the Federation.
“The queries are 50 in number ranging from one misappropriation to the other in billions of Naira. The one on N17.158billion multiple transfers carried out in 2013 has not been answered at all, not to talk of N5.5billion allegedly diverted into a commercial bank account without approval, N2.2billion unauthorized Investment without adequate records etc.
“These are completely unacceptable and the committee will make sure that these queries are sustained if required evidential documents on monies spent or misappropriated, are not provided.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
