Senate, NSTIF Differ On Alleged Misappropriation Of N84bn


Senate yesterday said the management of Nigeria Social Insurance Trust Fund (NSITF) has, within a period of four years, mismanaged about N84 billion.

According to the Senate, the infractions are from 12 out of 50 queries given to NSITF which they are investigating.


The chairman, Senate Committee on Public Accounts, Senator Mathew Urhoghide, who made this disclosure alleged that the agency is enmeshed in corruption based on their findings.


According to him, 12 out of the 50 queries investigated so far by the committee revealed that an excess of N84 billion was misappropriated within a period of four years.


“They depleted our resources, just few human beings who are mindless,” Urhoghide said of NSITF.

He added that it is unfortunate that the management of NSTIF and board of NSTIF colluded to misappropriate the money between 2012-2017.


“They are all guilty, they are implicated, they stole the place dry. The agency is most defiant, “ he submitted.


The managing director of NSTIF, Dr Michael Akabogu claimed that the amount was approved through a letter dated July 4, 2019.


However, when the committee looked at the letter from the National Salaries, Incomes and Wages Commission, on the illegal salary at the commission, it was observed the letter was written five years after the commission started paying the salaries.