SHOCKING: Termites Ate Vouchers Of Our N17.1bn Spending, NSITF Tells Senate

 

By Bolarinwa Kabir A.

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.

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.

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.

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.

But the present and past management of the NSITF could not offer any satisfactory explanations for the undocumented multiple transfers.

The officers in charge of the agency in 2013 told the committee that they left documents like vouchers behind.

Michael Akabogu, managing director of NSITF, said that no documents of such were in their kitty.