The Senate Public Accounts Committee (SPAC) has put the current and past management of the Nigeria Social Insurance Trust Fund (NSITF) under scrutiny.
According to the committee, it was discovered that the fund’s management failed to produce relevant documents to justify alleged spending of N17.158 billion in 2013.
The OAuGF had, in its 2018 audit report, raised 50 different queries bordering on alleged misappropriation of funds against the agency. The AuGF’s query reads in part: “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 totalling N17,158,883,034.69 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.
But the current NSITF Managing Director, Dr. Michael Akabogu, was said to have claimed that no such documents were in the organisation’s custody.“
Some of the documents to back the expenses were said to have been eaten up by termites.
Source - galaxyTV