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Home » Trending » Business » Over N17.1b Insurance Trust vouchers disappear @ NSITF tell Senate: ‘Termites eat ’em’

Over N17.1b Insurance Trust vouchers disappear @ NSITF tell Senate: ‘Termites eat ’em’

Present and past management of the Nigeria Social Insurance Trust Fund (NSITF), last weekend, ran into trouble for failing to justify the expenditure of N17.158 billion in 2013, with required documents.

According to the management, some of the documents had been eaten up by termites.
The N17.158 billion as stated in the 2018 Audit report , was the total amount of money tansfered by NSITF from its Skye and First Bank accounts into various untraceable accounts belonging to individuals and companies from January to December 2013 .

Auditor – General’s office had in the 2018 Audit report , raised 50 different queries bordering on alleged misappropriation of funds by management of the agency , which are being looked into by the Senate Committee on Public Accounts .

On the N17.158 billion unsubstantiated transfers made by NSITF , the query reads: “Management of NSITF as shown in
statements of Account No. 1750011691 with Skye bank plc, for the period 1st January, 2013 to 20th December, 2013, and Statements of Account No.2001754610 with First Bank Plc for the period 7th January, 2013 to 28th February, 2013, transferred amounts totalling N17,158,883,034.69billion to some persons and companies from these accounts.

“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.”
In sustaining or vacating the query, the Senate Committee headed by Mathew Urhoghide, interrogated NSITF’s past and present managements on where monies totalling N17.158 billion were transferred to between January and December 2013.

Neither of the managements could offer satisfactory explanations on the undocumented multiple transfers as those at the helm of affairs in 2013 told the committee that documents like vouchers were left behind by them while the present Managing Director of NSITF, Dr Michael Akabogu said no documents of such is in their kitty.

“The Container the said documents were kept by past management has not only been beating by rains over the years but even possibly being eaten up by termites.

“As directed by this committee, I told the past management officers on the need for them to help us out in answering this query with necessary documents which have not been made available for us,” he said.

However, in his submissions, the Managing Director of NSITF from 2010 to General Manager Finance , alleged to have been locked up in an abandoned container within the premises of the Trust Fund in Abuja.

Angered by the submissions of the past and present NSITF officials, the committee through its chairman, Urhoghide, descended heavily on them by ordering them to re – appear before the committee with all the requested evidential documents unfailingly on Thursday, September 22, 2022.

“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,” he said.2016, Umar Munir Abubakar, said he was unaware of the query and have no explanations for it since the audit was not carried out during his tenure.

His successor, Mr. Adebayo Somefun who was head 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.

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