SPAC says Termites have eaten documents worth of N17 billion

The Senate Public Accounts Committee (SPAC) put the current and past management of the Nigeria Social Insurance Trust Fund (NSITF) under investigation. According to the Nigerian government, it was discovered that the NSITF failed to produce relevant documents to justify its alleged spending of N17.158 billion in 2013.

Some documents to back the expenses were said to have been eaten up by termites. In a 2018 audit report, the N17.158 billion represented the total sum of money, transferred by the agency from its Skye and First Bank accounts, into various untraceable accounts belonging to individuals and companies between January and December 2013. in its 2018 audit report, raised 50 different queries bordering on the alleged misappropriation of funds against the agency.

However, payment vouchers relating to the transfers and documents were not provided for audit. Consequently, the purpose(s) for the transfers could not be authenticated.

“Management of NSITF, as shown in statements of account number 1750011691 with Skye Bank Plc, for the period 1st January 2013 to 20th December 2013, and statements of account number 2001754610 with First Bank Plc for the period January 7, 2013, to February 28, 2013, transferred amounts totaling N17,158,883,034.69 to some persons and companies from these accounts.”

The OAuGF had, in its 2018 audit report, raised 50 different queries bordering on the alleged misappropriation of funds against the agency. The AuGF’s query reads in part.

But the current NSITF Managing Director, Dr. Michael Akabogu, was said to have claimed that no such documents were in the organisation’s custody. The container in the said documents was kept by past management and has not only been beaten by rains over the years but even possibly been eaten up by termites.

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2 Comments

  1. I am a student of BAK College. The recent paper competition gave me a lot of headaches, and I checked a lot of information. Finally, after reading your article, it suddenly dawned on me that I can still have such an idea. grateful. But I still have some questions, hope you can help me.

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