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–Pix(above, L-R): PMB and Dr Akabogu
President Muhammadu Buhari’s MD/CEO atNigeria Social Insurance Trust Fund (NSITF), Dr Micheal Akabogu, has claimed that all of the receipts/vouchers representing a whopping N17.158 billion expenditure at the agency have been eaten by termites, and so, could not be produced.
Akabogu who was appointed in 2021, told the Senate Committee on Public Accounts during expenditure verification, on Friday, in Abuja, that the whopping sum transferred by NSITF from its Skye Bank and First Bank accounts into various unverifiable individual and company accounts from January to December 2013, could not be documentarily accounted for as the mysterious insects came calling.
The Office of the Auditor General for the Federation (OAuGF) had in its 2018 audit report raised 50 different queries on alleged misappropriation of funds by the agency management, which prompted the Senate Committee on Public Accounts to institute a probe.
The OAuGF’s query on the N17.158billion unsubstantiated transfers made by NSITF, 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 totaling N17,158,883,034.69 billion 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,” the OAuGF’s query stated.
But facing the Senate Committee’s probe, , the incumbent MD, Dr. Michael Akabogu, said no such document is in the agency’s possession, noting, “the container the said documents were kept by past management has not only been beaten by rains over the years but even possibly eaten up by termites.”
Following this, the baffled Senate Committee Chairman, Senator Matthew Urhoghide, ordered that Akabogu and his predecessors must reappear before the committee with all the proofs of expenditure unfailingly on Thursday, September 22, 2022.
He stessed: “This committee has given you people more than enough time to respond to queries slammed on NSITF in the 2018 audit report by the Office of the Auditor General of the Federation./SHARE THIS