The Managing Director of the National Social Insurance Trust Fund(NSITF), Mr Michael Akabogu, On Tuesday, was questioned by The House of Representatives Committee, over the transfer of a total of N17,158, 883,034.69 to individuals and companies without payment vouchers or other supporting documents provided for audit.
The Office of the Auditor-General of Federation stated in an audit query against the NSITF that the transactions took place in the year 2013. The AUGF’s 2018 report included 50 queries against the NSITF, including this one.
According to the report, vouchers must be made out in the name of the person or persons to whom the money is owed, and no cheques or cash payments should be made for services for which no voucher has been issued.
“Audit observed from the fund’s 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, that amounts totalling N17,158,883,034.69 were transferred to some persons and companies from these accounts.
However, payment vouchers for the transactions, as well as their supporting papers, were not made available for examination. As a result, the reason(s) for the transfers could not be verified.
Funds that are moved without proper records, according to the auditor general, could be diverted for personal purposes.