In a shocking revelation that has gotten tongues wagging across the nation, the Nigeria Social Insurance Trust Fund (NSITF) has told the Senate that termites have eaten most of the vouchers containing details of how N17.158 billion yet to be accounted for was spent.
It was noted that 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.
It should be noted that the 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 is under probe by the Senate committee on Public Accounts.
The query of the N17.158billion uncorroborated transfers made by NSITF 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”.
Probing the development, 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.
Unfortunately, none of the management could offer satisfactory explanation on the undocumented multiple transfers, as those at the helm of affairs in 2013 told the committee that they left behind documents like vouchers.
Speaking, the incumbent managing director of NSITF, Michael Akabogu, said no such document exists in their kitty .
Michael said, “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.
“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.”
On his part, the managing director of NSITF from 2010 to 2016, Umar Munir Abubakar, said he was unaware of the query and had no explanation for it since the audit was not carried out during his tenure.
Umar’s successor, 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 claimed was locked up in an abandoned container within the premises of the NSITF in Abuja.
Alarmed the inability of the agency’s management to provide satisfactory explanation over the funds, 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.”
