Shocking: Termites 17bn Voucher In Our Office NSTIF MD Fells Senate.

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Drama ensued in the Senate Public Account Committee hearing as the Managing Director of Nigeria Social Insurance Trust Fund ( NSITF), Dr Michael Akabogu told lawmakers that termites eat N17 billion vouchers in their office inside container.

The Senate Committee on Public Account is investigating illegally transfer of N17bn from first bank and sky bank to personal accounts and companies , a development that forced the lawmakers to invite Present and past management of the Nigeria Social Insurance Trust Fund ( NSITF) .

The Committee hinged the investigation on 2018 Auditor General’s Report.

According to the report , the N17 billion was illegally transferred between 2010- 2016 under the leadership of Mallam Umar Munir Abubakar in NSITF.

However when the Chairman of the Committee asked the present Managing Director to search for vouchers of the N17 billion in their office for the Committee to known what the money was used for .

The Managing Director in his response said that 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 .

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 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 .

Earlier, In his submissions , the Managing Director of NSITF from 2010 to 2016 , 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 .

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”.

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