Wednesday, February 11, 2026

Termites destroyed documents on alleged N17 billion fraudulent bank transfers by our officials: NSITF

A JAMB staff had blamed a “spiritual snake” for eating N36 million realised from the sales of the agency’s scratch cards in 2018.

• August 15, 2022
Nigeria Social Insurance Trust Fund ( NSITF)
Nigeria Social Insurance Trust Fund ( NSITF)

The Nigeria Social Insurance Trust Fund (NSITF) has alleged that termites ate up documents justifying the spending of N17.158 billion by the agency’s current and past management.

During his appearance before the Senate committee probing the agency over funds mismanagement, NSITF’s managing director, Michael Akabogu, said rain could also have destroyed the documents.

According to him, the container the documents were kept was abandoned in an isolated area on the agency’s premises in Abuja.

“The container where the said documents were kept by past management has not only been beaten by rains over the years but even possibly been eaten up by termites”, he told the panel. 

The Senate Public Accounts Committee (SPAC), headed by Senator Matthew Urhoghide (Edo South), had summoned and interviewed NSITF’s current and past management on the transfer of the N17.158 billion before placing them under scrutiny. 

Mr Urhoghide-led committee said it discovered that the agency’s management failed to produce relevant documents to justify the alleged spending between January and December 2013. 

However, the NSITF boss told the committee that he informed the agency’s past management officers to help answer the query with the necessary documents.

The committee began its probe following a query by the Office of the Auditor-General of the Federation in its 2018 audit report.

The office said the N17.158 billion represented the total money the agency transferred from its Skye and First Bank accounts into various untraceable accounts belonging to individuals and companies between January and December 2013.

“Management of NSITF, as shown in statements of account number 1750011691 with Skye Bank Plc, for the period January 1, 2013, to December 20 2013, and statements of account number 2001754610 with First Bank Plc for the period January 7, 2013, to February 28, 2013, transferred amounts totalling N17,158,883,034.69 to some persons and companies from these accounts. 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,” the query said.

In the audit report, 50 different queries bordering on the alleged misappropriation of funds were raised against the agency.

The managing director of NSITF from 2010 to 2016, Umar Munir Abubakar, was reported to be aware of the query but gave no explanations since the audit exercise was not carried out during his tenure.

His successor, Adebayo Somefun, from May 2017 to July 2020, allegedly insisted that those in the agency’s account section should be able to trace the documents.

Both members of past and present management of the NSITF were asked to reappear before the panel with all necessary evidence concerning the transactions by September 22.

In 2018, a staff of the Joint Admissions and Matriculation Board (JAMB) in Makurdi, Benue, blamed an “unidentified spiritual snake” for sneaking into the accounts office of the agency and eating N36 million realised from the sales of scratch cards. 

In the same year, a Nigerian senator, Abdullahi Adamu (Nasarawa-APC), was removed as the chairman of the Northern Senators Forum after he claimed that monkeys carted away N70 million belonging to the group.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Godswill Akpabio

Politics

CSOs reject Akpabio-led Senate’s conditional e-transmission of election results

“The conditional language ‘provided if it fails and it becomes impossible to transmit’ introduces troubling discretion in the results management process,” said the CSOs.

2027 African Schools Games

Sport

2027 African Schools Games: NSC inaugurates 28-member LOC

The committee was inaugurated on Tuesday at the Moshood Abiola National Stadium in Abuja by the NSC chairman, Shehu Dikko.

Adanna Steinacker

Abuja

Presidency, health ministry partner to prioritise women’s health

“There is a lack of knowledge on how to access and understand the services the government has provided,” said Ms Steinacker.

Magistrates’ Court

Rights

Stakeholders seek better welfare for magistrates in Kaduna, Kano, Katsina

The magistrates have been pushing for improved welfare packages, including judicial autonomy, official vehicles, higher salaries, and better working conditions.

Troops of the Joint Task

States

16 ISWAP terrorists eliminated, 11 kidnapped victims rescued in Borno: Military

Troops of the Joint Task Force said they killed 16 ISWAP terrorists and rescued 11 kidnapped victims in a series of coordinated counter-offensives across Borno.

Olufolake Abdulrazaq

Rights

Kwara’s first lady urged united action against gender-based violence

Kwara’s first lady, Olufolake AbdulRazaq, has called for united and sustained action against gender-based violence.