{"id":98105,"date":"2022-08-14T20:48:57","date_gmt":"2022-08-14T19:48:57","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=98105"},"modified":"2022-08-14T20:48:57","modified_gmt":"2022-08-14T19:48:57","slug":"alleged-n17-158-billion-misappropriation-senate-queries-nsitf-2018-audit-report","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/alleged-n17-158-billion-misappropriation-senate-queries-nsitf-2018-audit-report\/","title":{"rendered":"Alleged N17.158 billion misappropriation: Senate queries NSITF\u00a02018 Audit report"},"content":{"rendered":"<div dir=\"auto\" style=\"text-align: justify;\">Both present and past management of the Nigeria Social Insurance Trust Fund have come under fire in the Senate for failing to justify its spending of\u00a0 N17.158 billion in 2013 with required evidential documents, some of which were alleged to have been eaten up by termites.<\/p>\n<p>The N17.158 billion as stated in the 2018 Audit report, was the total amount of money transferred\u00a0 by NSITF from its Skye and First Bank accounts into various untraceable accounts belonging to individuals and companies\u00a0 from January to December 2013.<\/p>\n<p>The Auditor- General\u2019s office had in the 2018 Audit report, raised 50 different queries bordering on alleged misappropriation of funds by management of the agency, which are being looked into by the Senate Committee on Public Accounts.<\/p>\n<p>Specifically on the N17.158billion unsubstantiated transfers made by NSITF, the query reads, \u201d 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\u00a0 amounts totalling N17,158,883,034.69\u00a0 to some persons and companies from these accounts.<\/p>\n<p>\u201cHowever, 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.<\/p>\n<p>\u201cThese\u00a0 are in violation of Financial rule 601 which states that \u2018All 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\u2019.<\/p>\n<p>\u201cUnder no circumstances shall a cheque be raised, or cash paid for services for which a voucher has not been raised\u201d.<\/p>\n<p>In sustaining or vacating the query, the Senate Committee headed by Senator Mathew Urhoghide ( PDP Edo South) interrogated NSITF\u2019s past and present managements\u00a0 on where monies totalling\u00a0 N17.158billion were transferred to between January and December 2013 .<\/p>\n<p>But neither of the managements could offer satisfactory explanations on\u00a0 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 while the present Managing Director of NSITF , Dr Michael Akabogu said they had no such documents.<\/p><\/div>\n<div dir=\"auto\">\nSenate leadership meets security chiefs, laments worsening insecurity<br \/>\n\u201cThe Container the said documents were kept by past management has not only been\u00a0 beaten by rain over the years but even possibly\u00a0 being eaten up by termites.<\/p>\n<p>\u201cAs 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,\u201d he said.<\/p>\n<p>However, in his submissions, the Managing Director of NSITF from 2010 to 2016, Mallam Umar Abubakar, said he was unaware of the query and have no explanations for it since the audit was not carried out during his tenure.<\/p>\n<p>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\u00a0 documents which the current\u00a0 General Manager Finance alleged to have been locked up in an abandoned container within the premises of the Trust Fund in Abuja.<\/p>\n<p>Irked by submissions of the past and present NSITF officials , the committee through its Chairman, Senator Urhoghide, ordered them to re-appear before the committee with all the requested evidential documents unfailingly\u00a0 on Thursday, September 22, 2022.<\/p>\n<p>\u201cThis 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.<\/p>\n<p>\u201cThe 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\u00a0 into a commercial bank account without approval, N2.2billion unauthorised investment without adequate records, etc.<\/p>\n<p>\u201cThese are completely unacceptable and the committee will make sure that these queries are sustained if required evidential documents on monies spent or\u00a0 misappropriated, are not provided,\u201d he said .<\/p>\n<div class=\"yj6qo\" style=\"text-align: justify;\"><\/div>\n<div class=\"adL\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Both present and past management of the Nigeria Social Insurance Trust Fund have come under fire in the Senate for failing to justify its spending of\u00a0 N17.158 billion in 2013&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":96266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-98105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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