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The Nigeria Social Insurance Trust Fund (NSITF) has told the Senate that termites have eaten most of the vouchers containing details of how N17.158 billion yet to be accounted for was spent.

The N17.158 billion, as 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 belonging to individuals and companies from January to December 2013.

The 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 under probe by the Senate Committee on Public Accounts.

Specifically, on the N17.158billion 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”.

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 totaling N17.158billion were transferred to between January and December 2013.


But none of the managers could offer a satisfactory explanation on the undocumented multiple transfers, as those at the helm of affairs in 2013 told the committee that they left behind documents like vouchers.

But the incumbent managing director of NSITF, Dr Michael Akabogu, said no such document exists in their kitty.


He said, “The container the said documents were kept by past management has not only been beaten by rains over the years but even possibly being eaten up by termites.

“As directed by this committee, I told the past management officers the need for them to help us out in answering this query with necessary documents which have not been made available for us.”

But in his submissions, the managing director of NSITF from 2010 to 2016, Mallam Umar Munir Abubakar, said he was unaware of the query and had no explanation 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 claimed were locked up in an abandoned container within the premises of the NSITF in Abuja.


Irked by submissions of the past and present NSITF officials, the committee chairman, Senator Urhoghide, ordered them to reappear before the committee with all the requested evidential documents unfailingly on Thursday, September 22, 2022.

He stated: “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 Auditor General of the Federation.


“The queries are 50 in number ranging from one misappropriation to the other in billions of Naira. The one-on N17.158billion multiple transfers carried out in 2013 have not been answered at all, not to talk of N5.5billion  allegedly diverted into a commercial bank account without approval, N2.2billion unauthorized Investment without adequate records, etc.

“These are completely unacceptable and the committee will make sure  that these queries are sustained if required evidential documents on monies spent or  misappropriated are not provided.”

Lennox Mall


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