• Business - Companies
  • Updated: August 15, 2022

Senate Indicts NSITF Over Misappropriation Of Funds

The Senate has summoned the present and past management of the Nigeria Social Insurance Trust Fund for failing to justify its spending of N17.158 billion in 2013 with required evidential documents.

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

In the 2018 Audit report, the Auditor-General raised 50 different queries on the alleged misappropriation of funds by the management of the agency.

Specifically, on the N17.158billion unsubstantiated transfers made by NSITF, the query read: “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."

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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