Huh? Termites Allegedly Eat Up N17.128 Billion Expenditure Evidence At NSITF

Date: 15-08-2022 12:43 pm (1 month ago) | Author: Bayo Nelson
- at 15-08-2022 12:43 PM (1 month ago)
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The Senate Public Accounts Committee (SPAC) has put the current and past management of the Nigeria Social Insurance Trust Fund (NSITF) under scrutiny. The committee said it discovered that the fund’s management failed to produce relevant documents to justify alleged spending of N17.158 billion in 2013. Some of the documents to back the expenses were said to have been eaten up by termites. The Office of the Auditor General of the Federation (OAuGF), in its 2018 audit report – now being considered by the Senate panel chaired by Senator Matthew Urhoghide (Edo South) – had queried the agency over the disbursed sums without appropriate supporting documents.

In his report, the AuGF said the N17.158 billion represented the total sum of money, transferred by the agency from its Skye and First Bank accounts, into various untraceable accounts belonging to individuals and companies between January and December 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. The container the said documents were kept by past management has not only been beaten by rains over the years but even possibly been eaten up by termites.”


Posted: at 15-08-2022 12:43 PM (1 month ago) | Hero
- nikiniki at 15-08-2022 12:59 PM (1 month ago)
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nah today? all workers contribute their part salary to that damn fraud but no one has ever taken any benefit except the monthly deductions throughout the workers active lifetime! Useless country riddled with fraud and theft at ALL levels! Abah, kilode? God needs to reset people's brains!
Posted: at 15-08-2022 12:59 PM (1 month ago) | Gistmaniac
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- gogoman at 15-08-2022 01:08 PM (1 month ago)
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That is why i like Buhari, cos me i know one man can not be Nigeria's problem....  all these civil servants, governors, and government workers are all scammers!! they all work to chop money because they know na BU BU yoyo people go blame  Roll Eyes Roll Eyes Roll Eyes
Posted: at 15-08-2022 01:08 PM (1 month ago) | Addicted Hero
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- Paulevery at 15-08-2022 01:28 PM (1 month ago)
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Yet!
 they won't allow small small  yahoo boys to rest
They Keep harassing them with useless police operatives,
Meanwhile they actually learnt their fraudulent activities from Public office holders. ..
Posted: at 15-08-2022 01:28 PM (1 month ago) | Gistmaniac
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- constigoldo at 15-08-2022 01:31 PM (1 month ago)
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Meaning what?  Just listen to yourself.................
Posted: at 15-08-2022 01:31 PM (1 month ago) | Hero
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- Kidfreshfunmi at 15-08-2022 05:52 PM (1 month ago)
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Quote from: gogoman on 15-08-2022 01:08 PM
That is why i like Buhari, cos me i know one man can not be Nigeria's problem....  all these civil servants, governors, and government workers are all scammers!! they all work to chop money because they know na BU BU yoyo people go blame  Roll Eyes Roll Eyes Roll Eyes
Let me try it this way  Grin  - Have you ever heard the story of the C.E.O.; The 12 Shareholders and The Company?
Once upon a time, there was a board of 12 Shareholders who annually hold a general meeting. During one meeting, they voted to have this CEO run their chocolate company, because he was highly recommended - and it won't be until a year before the next Shareholders general meeting. As time went on, our CEO (Mr. C from now on) would come to work at the factory and the gateman would be caught sleeping/his woman came to visit for the night; he would discover his accountant has been skimming from the cash account to his account abroad; staff workers have been stealing raw materials from storage, even company vehicles were used to go and do uber at night. The company's customers have been extorted by security guards that they don't even come to visit to do business with the company any more and workers have the luxury to come resume work almost afternoon, that performance is down.
Now, it went on like that until general meeting was couple of weeks close - by that time sales was down, company was in debt, cash account had been exhausted that there is no money to even buy new parts/raw materials back into business.
On meeting day, guess what Mr. C said when the time came and he addressed the Shareholders at the board meeting. He was asked why profit was down?  Grin He said: "No be my business!!" and "How dare una even ask me, as if I be my staff?!" "Wetin them do how e concai me?!"
And YOU (Mr. GOGO) were among those 12 Shareholders who gave him the job. Do you still think he deserves a promotion and a bonus package?  Roll Eyes
Posted: at 15-08-2022 05:52 PM (1 month ago) | Upcoming
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- gogoman at 15-08-2022 06:14 PM (1 month ago)
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Quote from: Kidfreshfunmi on 15-08-2022 05:52 PM
Let me try it this way  Grin  - Have you ever heard the story of the C.E.O.; The 12 Shareholders and The Company?
Once upon a time, there was a board of 12 Shareholders who annually hold a general meeting. During one meeting, they voted to have this CEO run their chocolate company, because he was highly recommended - and it won't be until a year before the next Shareholders general meeting. As time went on, our CEO (Mr. C from now on) would come to work at the factory and the gateman would be caught sleeping/his woman came to visit for the night; he would discover his accountant has been skimming from the cash account to his account abroad; staff workers have been stealing raw materials from storage, even company vehicles were used to go and do uber at night. The company's customers have been extorted by security guards that they don't even come to visit to do business with the company any more and workers have the luxury to come resume work almost afternoon, that performance is down.
Now, it went on like that until general meeting was couple of weeks close - by that time sales was down, company was in debt, cash account had been exhausted that there is no money to even buy new parts/raw materials back into business.
On meeting day, guess what Mr. C said when the time came and he addressed the Shareholders at the board meeting. He was asked why profit was down?  Grin He said: "No be my business!!" and "How dare una even ask me, as if I be my staff?!" "Wetin them do how e concai me?!"
And YOU (Mr. GOGO) were among those 12 Shareholders who gave him the job. Do you still think he deserves a promotion and a bonus package?  Roll Eyes



well, we can't just sack MR C, everybody in that company is going down, because the workers are saboteurs... which means MR C can not be the only problem
Posted: at 15-08-2022 06:14 PM (1 month ago) | Addicted Hero
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- kp45 at 15-08-2022 06:46 PM (1 month ago)
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This is Nigeria.
Posted: at 15-08-2022 06:46 PM (1 month ago) | Hero
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- Kidfreshfunmi at 15-08-2022 07:50 PM (1 month ago)
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Quote from: gogoman on 15-08-2022 06:14 PM


well, we can't just sack MR C, everybody in that company is going down, because the workers are saboteurs... which means MR C can not be the only problem

Cheii - God! Who we offend??
Posted: at 15-08-2022 07:50 PM (1 month ago) | Upcoming
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- gogoman at 15-08-2022 10:45 PM (1 month ago)
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Quote from: Kidfreshfunmi on 15-08-2022 07:50 PM
Cheii - God! Who we offend??

we offended ourselves which is the biggest mistake any nation can make..........  everything in Nigeria is either tribe or religion
Posted: at 15-08-2022 10:45 PM (1 month ago) | Addicted Hero
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- Boi2Man at 16-08-2022 12:20 PM (1 month ago)
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Quote from: Kidfreshfunmi on 15-08-2022 05:52 PM
Let me try it this way  Grin  - Have you ever heard the story of the C.E.O.; The 12 Shareholders and The Company?
Once upon a time, there was a board of 12 Shareholders who annually hold a general meeting. During one meeting, they voted to have this CEO run their chocolate company, because he was highly recommended - and it won't be until a year before the next Shareholders general meeting. As time went on, our CEO (Mr. C from now on) would come to work at the factory and the gateman would be caught sleeping/his woman came to visit for the night; he would discover his accountant has been skimming from the cash account to his account abroad; staff workers have been stealing raw materials from storage, even company vehicles were used to go and do uber at night. The company's customers have been extorted by security guards that they don't even come to visit to do business with the company any more and workers have the luxury to come resume work almost afternoon, that performance is down.
Now, it went on like that until general meeting was couple of weeks close - by that time sales was down, company was in debt, cash account had been exhausted that there is no money to even buy new parts/raw materials back into business.
On meeting day, guess what Mr. C said when the time came and he addressed the Shareholders at the board meeting. He was asked why profit was down?  Grin He said: "No be my business!!" and "How dare una even ask me, as if I be my staff?!" "Wetin them do how e concai me?!"
And YOU (Mr. GOGO) were among those 12 Shareholders who gave him the job. Do you still think he deserves a promotion and a bonus package?  Roll Eyes

The Bible sums it all here’: if the foundation be broken what can the righteous do? If the head is sick , the body is sick, if the head is weak, the body is weak too and if the head is corrupt, then the body is corrupt as well. What can we say anymore other than to say Lord heal our soul and cleanse our land  but only if we turn to  God for help. The Pure Truth.
Posted: at 16-08-2022 12:20 PM (1 month ago) | Gistmaniac
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