The Polaris Bank when it was formerly Skye Bank had transferred the sum of N17.16 billion of Nigeria Social Insurance Trust Fund (NSITF) into untraceable accounts in connivance with some Directors of the NSITF in 2013.
The suspicious financial transactions came to fore on Friday at the Senate Committee on Public Accounts headed by Senator Mathew Uroghide, a Committee investigating the accounts of NSITF.
The NSITF has failed to justify the spending of N17.16 billion, even as it claimed that the payment vouchers as requested by the Committee have been eaten up by termites.
The Committee investigation which was monitored by CAPITAL POST in Abuja has the management of NSITF in attendance, but claimed that the amount was spent by the former management about nine years ago.
The Senate Committee, acting on the Auditor General of the Federation’s report revealed that, Polaris Bank as well as First Bank transferred the amount of money into individuals and Company’s accounts without execution of projects. A development that propel the Senate into investigating activities of Polaris Bank and the agency.
“The management of the NSITF as shown in statements of Account No. 1750011691 with Skye Bank Plc, for the period January 2013 to December 20, 2013, and Statements of Account No. 2001754610 with First Bank Plc for the period January 7, 2013 to February 28, 2013, transferred amounts totalling N 17,158,883,034.69 billion to some persons and companies from these accounts,” the query reads.
“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 management of NSITF were at a loss during the interrogation as they couldn’t justify the expenditure with the necessary documents.
Upon the Committee’s insistence, the former officers explained that they left the vouchers behind when they were leaving.
A submission that was contrary to that of the Managing Director of NSITF, Michael Akabogu who told the Senate panel that such documents were not available in the agency.
“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,” Akabogu said.
“As directed by this committee, I told the past management officers about the need for them to help us out in answering this query with necessary documents which have not been made available for us.”
Infuriated by the submissions of the past and present NSITF officials, Mathew Urhoghide, chairman of the committee, ordered them to reappear before the committee with all the requested evidential documents unfailingly on Thursday, September 22, 2022.
