Shocker: Termites eat N17bn Vouchers in NSITF in Abuja, Senate Kicks


The Senate Public Account Committee ( SPAC) following the submission of Managing Director of Nigeria Social Insurance Trust Fund ( NSITF) ,Michael Akabogu claiming that termites have eaten N17 billion vouchers needed to defend query of illegal transfer of fund from two banks .

Shocker: Termites eat N17bn Vouchers in NSITF in Abuja, Senate Kicks

The Committee is currently considering 2018 Auditor General’s Report against the agency on the alleged illegal transfer of N17 billion to personal accounts and companies between 2010 -2016.

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.

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 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 .

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