NSITF and its termites – Tribune On-line

IN continuation of the common season of absurdity that they’ve turn into accustomed to, Nigerians had one more doubtful alibi thrust upon them by an company of presidency final week as previous and current administration workers of the Nigeria Social Insurance coverage Belief Fund (NSITF) struggled, throughout a Senate look, to justify the company’s spending of N17.158 billion in 2013. The cash, transferred by the NSITF from its Skye and First Financial institution accounts into numerous untraceable accounts belonging to people and firms from January 2013 to December 2013, was by no means correctly accounted for, and the 2018 report by the workplace of the Auditor-Normal of the Federation stated that a lot. However as is common with legislative probes and appearances, this explicit session transmuted right into a farce in a short time because the NSITF administration blamed the shortcoming to provide a few of the paperwork required to justify the curious expenditure on the actions of, of all issues, termites!

The Auditor-Normal’s workplace had within the report in query raised 50 totally different queries bordering on alleged misappropriation of funds by the administration of the company, forcing the Senate Committee on Public Accounts to start a probe. Mentioned a part of the report: “The administration of NSITF as proven in statements of Account No. 1750011691 with Skye Financial institution Plc, for the interval 1st January 2013 to twentieth December 2013, and Statements of Account No.2001754610 with First Financial institution Plc for the interval seventh January 2013 to twenty eighth February 2013, transferred quantities totalling N17,158,883,034.69 billion to some individuals and firms from these accounts. Nonetheless, cost vouchers referring to the transfers along with their supporting paperwork weren’t supplied for audit. Consequently, the aim(s) for the transfers couldn’t be authenticated. These are in violation of the Monetary Rule 601 which states that ‘all cost entries within the cashbook/accounts shall be vouched for on one of many prescribed treasury varieties. Vouchers shall be made out in favour of the particular person or individuals to whom the cash is definitely due. Not at all shall a cheque be raised, or money paid for providers for which a voucher has not been raised’.”

The NSITF administration couldn’t supply passable explanations on the undocumented a number of transfers. These on the helm of affairs in 2013 advised the committee that they left paperwork like vouchers  behind, however the declare was dismissed by the current Managing Director of NSITF, Dr Michael Akabogu. Akabogu stated: “The container through which the stated paperwork have been stored by previous administration has not solely been crushed by rains through the years however has presumably been eaten up by termites. As directed by this committee, I advised the previous administration officers to assist us out in answering this question with vital paperwork, which haven’t been made accessible to us.” And whereas the company’s managing director  from 2010 to 2016, Mallam Umar Munir Abubakar, stated that he was unaware of the question and had no explanations for it because the audit was not based mostly on his tenure, his successor, Mr Adebayo Somefun, who was head of the company from Might 2017 to July 2020, toed a unique path. He insisted that personnel of the company’s Accounts Division ought to be capable to hint the paperwork which the present Normal Supervisor of Finance claimed had been locked up in an deserted container inside the premises of the company in Abuja. The NSITF bosses have been requested to re-appear earlier than the committee with all of the requested paperwork on September 22.

Beforehand, Nigerians heard of snakes swallowing examination cash and rats sacking their president from workplace, however the NSITF has introduced a brand new dimension into the tragi-comedy. It’s a nation able to descend right into a monetary quagmire that might enable public funds to be transferred into “numerous untraceable accounts belonging to people and firms,” however that, exactly, is what the NSITF has been accused of doing. The federal government is on a borrowing spree, but tales of fraud are rampant, giving fillip to the extensively held perception among the many populace that the loans taken on their behalf hardly profit them. Apart from, if Nigerians are nonetheless being handled to comedian tales about animals and the weather—on this explicit occasion, rain—it’s as a result of these answerable for affairs don’t count on any recompense for his or her felony actions. Simply how can any company be complaining of information, rains and termites this present day? Are there no digital copies? Or have they been consumed by viruses?

The NSITF’s alibi ought to scandalise its management, employees and most people. It smacks of the best stage of irresponsibility. Did the termites in query end consuming all of the papers by one massive huge assault or progressively over a time period? Which organ of the NSITF and which officer had the responsibility of protecting and overseeing the papers? What have been they doing whereas termites and rains have been consuming them up? The underside line is that the officers know that no penalties will attend the present probe, so they’re unfazed by their ridiculous clarification. If there have been correct penalties for infringement, particularly in relation to corruption, many wouldn’t be so lackadaisical of their angle to official points.

We hope that the federal government, sooner or later, will get up to the duty of punishing infractions with a purpose to stem this ugly pattern. The NSITF is an efficient place to start out. The federal government ought to shock Nigerians for as soon as by attending to the basis of the ridiculous and scandalous growth on the NSITF.