The present and past management of the Nigeria Social Insurance Trust Fund (NSITF) ran into troubled waters on Friday in Senate for failing to justify spending of N17.158 billion in 2013 with required evidential documents, some of which were alleged to have 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.

Specifically on the N17.158billion 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 N 17,158,883,034.69billion 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 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.

But 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 been 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 2016, Mallam 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.

But 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 General Manager Finance, alleged to have been locked up in an abandoned container within the premises of the Trust Fund in Abuja.

Irked by submissions of the past and present NSITF officials, the committee through its Chairman, Senator 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 unauthorised 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.

Source:
https://www.blueprint.ng/nsitf-blames-termites-over-unknown-n17-128bn-spending-as-senate-rages/

Ah! This government sha ! The animals at zoos in naija are bone hungry while the ones at government ministries and parastatals are swallowing Zuma rock size heaps of money.

I am very shock by this investigation. Corruption has so much eating deep into Nigeria system that it will be very difficult to stamp out. Both APC and PDP are same, the only difference is the name of the party that's why I am urging everyone to vote Peter Obi so that our country will be back on track. God bless Peter Obi and God bless obidient followers.

You see why prophet MNK (SAW) called nigeria a zoo?
From monkey swallowed money to snake swallowed money to termite swallowed money documents.

My question is, has any of them being prosecuted? No

So why are you not agreeing that prophet MNK (SAW) is right?
because he is am Igbo man?
But Igbos always see and foretell una ahead

God forbid... Nigeria and stealing.. 5&6.

A car,
Shelter,
3 square meal,
Education for children,
Clothing,

What else is there in a world you can't even predict the next second that you have to steal everyother persons entitlement. God forbid honestly.

What a country

Qtrpst4:
You see why prophet MNK (SAW) called nigeria a zoo?
From monkey swallowed money to snake swallowed money to termite swallowed money documents.

My question is, has any of them being prosecuted? No

So why are you not agreeing that prophet MNK (SAW) is right?
because he is am Igbo man?
But Igbos always see and foretell una ahead

Nigerians have started.... Just for likes and trends.

They are not saying termites swallowed th money, but insinuating the possibility of termites or rain destroying/swallowing the documents that should send them to jail.

Come how old are you?

sonofthunder:



Nigerians have started.... Just for likes and trends.

They are not saying termites swallowed th money, but insinuating the possibility of termites or rain destroying/swallowing the documents that should send them to jail.

Damnnn niggar
This people

Nigeria is like zeeworld

Extra ordinary every day

How bad or worse can it get?

Termites your Face show your shoe shine.


Termites of life.....

Incredulous

Everyone involved should face the firing squad

Hahaha bastersds

We are living in a circus

This country is just cruise

We're done with apc and pdp already. ITF is worse. The day that agency is exposed, many would faint on hearing the figures looted.

Na waoooo

Yo son they ain’t gone to the dogs Cuz’ they are the dogs



Fuckin hell man

I see no issue here as long as the owners of the accounts where the funds were transferred to are traceable. If the owners of such accounts can't provide legal documents and physical proofs to explain what happened to the funds, they should be sentenced to death by firing squad and their properties confisticated. Any other secondary accounts owners that also received money from the main accounts should face the same fate

everything is possible in Nigeria
animal kingdom

First, monkeys, then snakes, and now termites... it's not surprising to note that Nigeria is currently being led by insects and animals.

Always blaming.

Na we be our problem for dis country... Children tell your parents, brothers and sisters, and other family members to stop stealing public funds or any other funds... The other day one said snake swallowed 30m...i use God beg una..

wow. see i am now under the impression that the fulani and the igbo man have this entitlement mentality that says everything in nigeria belongs to us and we are entitled to it and when these two tribes get any kind of power they go in there and loot and take everything because they believe it belongs to them . Also these two tribes are not indigenously nigerian so they have no vested interest in anything nigeria, an opportunity to rule is an opportunity to plunder for them. only the yoruba man believes in the nigerian project MY OBSERVATIONS. which is why i fear peter obi. mayne that guy woUld loot the whole country and send the money east to build the biafran nation

WE NEED DIVINE INTERVENTION. LORD HELP THE ELECT IN NIGERIA. DESTROY ALL THESE VAMPIRES SUCKING THE BLOOD OF THE DEAD AND CREATING AN ATMOSPHERE OF GEHENA AND SHEOL FOR YOUR PEOPLE TO EXIST IN. ASHE. DESTROY THEM AND TAKE BACK ALL YOUR RESOURCES FROM THESE VAMPIRES AND GIVE IT TO THE RIGHTEOUS FOR YOU SAID THE WEALTH OF THE WICKED IS LAID UP FOR THE RIGHTEOUS. ASHE . AND SO SHALL IT BE DONE

Anything goes under Buhari.

Most Zombies and BATstards will deliberately avoid this thread.

But I am pretty sure a few knuckleheads will still come and defend this nonsense.

Corrupt and lawless country


Even if you bring a white person to rule this country with 99.9 person black it will still be backward.

laughable excuses for embezzlement

Soon na bed bug them go blame

No he termites, na canckerworm

OVB123:
I am very shock by this investigation. Corruption has so much eating deep into Nigeria system that it will be very difficult to stamp out. Both APC and PDP are same, the only difference is the name of the party that's why I am urging everyone to vote Peter Obi so that our country will be back on track. God bless Peter Obi and God bless obidient followers.

So where was Obi before ?
Naso una dump PDP for APC now na LP.... Nigerians and shortcut.... Same result