Termites Eat Up 17.128 Billion Naira Expenditure Evidence At NSITF

The Senate Public Accounts Committee (SPAC) is investigating the current and previous management of the Nigeria Social Insurance Trust Fund (NSITF).

The committee stated that it discovered that the fund’s management failed to produce relevant documents to justify an alleged N17.158 billion expenditure in 2013.

Termites were said to have eaten some of the documents used to support the expenses at NSITF. The Office of the Auditor General of the Federation (OAuGF) had questioned the agency over the disbursed sums in its 2018 audit report, which is now being considered by the Senate panel chaired by Senator Matthew Urhoghide (Edo South).

According to his report, the AuGF transferred N17.158 billion from its Skye and First Bank accounts into various untraceable accounts belonging to individuals and companies between January and December 2013.

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In its 2018 audit report, the OAuGF raised 50 different questions about the agency’s alleged misappropriation of funds. “Management of NSITF, as shown in statements of account number 1750011691 with Skye Bank Plc for the period 1st January, 2013 to 20th December, 2013, and statements of account number 2001754610 with First Bank Plc for the period January 7, 2013 to February 28, 2013, transferred amounts totaling N17,158,883,034.69 to some persons and companies from these accounts,” the AuGF’s query reads in part.

Payment vouchers for the transfers, as well as supporting documentation, were not provided for audit. As a result, the purpose(s) of the transfers could not be verified.

Dr. Michael Akabogu, the current NSITF Managing Director, was said to have claimed that no such documents were in the organization’s possession. The container in which the aforementioned documents were kept by previous management has not only been battered by rains over the years, but it has also possibly been eaten up by termites.”