Home NEWS NSITF Accuses Termites Of Eating Up N17.128b Expenditure Evidence

NSITF Accuses Termites Of Eating Up N17.128b Expenditure Evidence


Present and past management of the Nigeria Social Insurance Trust Fund ( NSITF), have been under fire from the Senate for failing to justify spending of N17.158 billion in 2013 with required evidential documents, some of which were alleged to have been eaten up by termites.

The N17.158 billion as stated in the 2018 Audit report, was the total amount of money transferred by NSITF from its Skye and First Bank accounts into various untraceable accounts belonging to individuals and companies from January to December 2013.

Auditor-General’s office had in the 2018 Audit report, raised 50 different queries bordering on alleged misappropriation of funds by the management of the agency, which is being looked into by the Senate Committee on Public Accounts.

“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”.

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 between January and December 2013.

However, the management could not 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 while the present Managing Director of NSITF, Dr Michael Akabogu 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.

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 of Finance, alleged to have been locked up in an abandoned container within the premises of the Trust Fund in Abuja.

In his reaction to the 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 on Thursday, September 22, 2022.


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