Nigeria Social Insurance Trust Fund (NSITF) has told lawmakers in the Senate that termites ate the vouchers containing details of how over N17.158 billion expenses were disbursed.
The N17.158 billion, stated in the 2018 audit report, was the total amount of money transferred by NSITF from its Skye Bank and First Bank accounts into various untraceable accounts.
The receiving accounts are said to belong to individuals and companies from January to December 2013.
A 2018 report by the office of the auditor-general office raised 50 different queries bordering on alleged misappropriation of funds by the management of the agency, which is under probe by the Senate committee on Public Accounts.
The committee laid emphasis on the N17.158 billion unsubstantiated transfers made by NSITF.
The query reads: “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”.
Headed by Senator Mathew Urhoghide (PDP Edo South), the Senate Committee interrogated NSITF’s past and present managements.
The members demanded where monies totalling N17.158billion were transferred to between January and December 2013.
The issue has also been analysed by Nigerian newspapers who find it curious that when fraud is uncovered, either fire guts the relevant offices, entire premises or snakes swallow the documents.
Read also:
N80 Billion Fraud: We Cannot Investigate Accountant General of the Federation – ICAN
‘Termites Ate Our Vouchers for N17.158 Billion Expenses’ – NSITF Tells Senate (video)