ADVERTISEMENT
The Moment Nigeria
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
The Moment Nigeria
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport

N84bn embezzlement tears NSITF Management apart -Senate Alleged

by Usman Kadri
June 29, 2021
Reading Time: 2 mins read
NSITF is hit by corruption scandal, as staff unions threaten strike
Share on FacebookShare on TwitterShare on WhatsappShare on LinkedIn

The Senate on Monday berated the management of the Nigeria Social Insurance Trust Fund (NSITF) over the alleged misappropriation of N84bn within four years.

The Senate Public Accounts Committee stated this while scrutinizing the 2017 report of the Auditor General for the Federation.

The Chairman of SPAC, Matthew Urhoghide, alleged that N84bn was misappropriated within four years based on the 12 out of the 50 queries before his panel.

RELATED STORIES

Court remands Osun monarch, 4 others for illegal gold mining

Court jails man arrested selling loud in Lagos hotel

August 25, 2025
NLC condemns salary hike plan for political officeholders, calls it ‘insensitive’

NLC condemns salary hike plan for political officeholders, calls it ‘insensitive’

August 25, 2025

Urhoghide said, “Twelve out the 50 queries investigated so far by the committee is an excess of N84bn was misappropriated, just unfortunate, in the place of four years.

“They depleted our resources, just a few human beings who are mindless.

“They are all guilty; they are implicated. The agency is most defiant and most nutritious.”

One of the queries reads, “Audit observed that the Fund had been implementing a salary structure that is not approved by the National Salaries, Income, and Wages Commission.

“As a result, irregular payment of N 38,219,919,530.32 by way of personnel cost was made to the staff of the Fund from 2012 to 2017.

“Implementation of unapproved salary structure may result in wastage of public funds, as remuneration may be higher than the productivity level of staff.

“The managing director is required to provide the approval of the National Salaries, Income and Wages Commission for the implementation of the fund’s salaries structure.”

However, the Managing Director of the NSTIF, Dr Michael Akabogu, claimed that the amount was approved through a letter dated 4th July 2019.

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

The committee further discovered in the letter from the National Salaries, Incomes and Wages Commission that an objection was raised about the payment of unapproved salaries by the commission.

Next Post
FG extends deadline for SIM-NIN linkage till July 26 as enrolment hits N57m

FG extends deadline for SIM-NIN linkage till July 26 as enrolment hits N57m

More Articles...

Court remands Osun monarch, 4 others for illegal gold mining

Court jails man arrested selling loud in Lagos hotel

August 25, 2025
NLC condemns salary hike plan for political officeholders, calls it ‘insensitive’

NLC condemns salary hike plan for political officeholders, calls it ‘insensitive’

August 25, 2025
Stanbic IBTC Bank announces the return of its exclusive Save and Enjoy promo season 2

Stanbic IBTC Bank announces the return of its exclusive Save and Enjoy promo season 2

August 25, 2025
Customer laments how Polaris Bank ruined his holiday plans

Polaris Bank, NCF partner on Tree-Planting drive to combat Carbon emissions in Rivers

August 25, 2025
NSC’s busy sporting calendar showcases Nigeria’s rising global presence

NSC’s busy sporting calendar showcases Nigeria’s rising global presence

August 25, 2025
Lagos, AFREXIM train 253 export ready entrepreneurs,  unveil 20 trade champions to IATF Algiers 2025

Lagos, AFREXIM train 253 export ready entrepreneurs,  unveil 20 trade champions to IATF Algiers 2025

August 25, 2025

STANBIC IBTC ADVERT

About Us

Themomentng.com is an online community of reporters and social advocates dedicated to bringing you features, news reports by Africans, but from a global perspective.

Contact Us

+447771081433
+2348051966180(WhatsApp/SMS Only)
Email: themomentng@gmail.com

Categories

  • Business
  • Education
  • Entertainment
  • Events
  • Featured
  • Food
  • Foreign
  • Health
  • Interviews
  • Life and Styles
  • Metro
  • Motoring
  • News
  • Opinion
  • Politics
  • Religion
  • Society
  • Sport
  • Technology
  • Top Story

Follow Us

Facebook Twitter Instagram

Copyright © Themomentng.com. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport