[NEWS] FG UNCOVER N62.555 BILLION FRAUD IN NSITF

THE ADMINISTRATIVE PANEL CONSTITUTED BY THE FEDERAL GOVERNMENT TO INVESTIGATE THE FINANCIAL STATE OF THE NIGERIA SOCIAL INSURANCE TRUST FUND HAS UNCOVERED ABOUT N63 BILLION FRAUD IN THE AGENCY, SAYING THE MONEY WAS SPENT WITHOUT PROPER ACCOUNTING PROCEDURES.

CHAIRMAN OF THE ADMINISTRATIVE PANEL, ISHAYA AWOTU, WHILE PRESENTING THE FINAL REPORT OF THE PANEL TO THE MINISTER OF LABOUR AND EMPLOYMENT, SENATOR CHRIS NGIGE, ON WEDNESDAY, DISCLOSED THAT THE FINANCIAL BOOK OF THE FUND HAS NOT BEEN FULLY AUDITED SINCE 2011.

THE PANEL DISCOVERED THAT SEVERAL UNAUTHORIZED ALLOWANCES WERE PAID TO THE STAFF AND MANAGEMENT OF THE FUND, WHILE OVER SEA TRIPS AND TRAINING WERE CARRIED OUT WITHOUT THE NECESSARY APPROVAL FROM THE OFFICE OF THE SECRETARY TO THE GOVERNMENT OF THE FEDERATION AS REQUIRED BY THE CIVIL SERVICE RULES.

IT CAN BE RECALLED THAT THE MINISTER OF LABOUR AND EMPLOYMENT, IN FEBRUARY 2018, INAUGURATED THE PANEL TO INVESTIGATE THE FINANCES OF THE FUND FOLLOWING A REPORT FROM THE ECONOMIC AND FINANCIAL CRIMES COMMISSION INDICTING FORMER BOARD MEMBERS OF THE FUND.

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