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MTEF/FSP: Senate Flays NAIC Over Inconsistent Financial Records
From Lateef Taiwo
The Senate Committee on Finance has flayed the Nigerian Agricultural Insurance Corporation (NAIC) over its inability to provide details of its finances from 2021, 2022, up to the third quarter of 2023.
At an interactive session on Monday in Abuja, members of the committee regretted the absence of receipts to prove NAIC expenditures from revenue claims.
The committee also charged NAIC to provide detailed receipts of remittances said to have been made with the surplus revenue generated in 2023.
In a document submitted to the committee, the MD/CEO of NAIC, Mrs Folashade Joseph while presenting the Corporation’s 2024 Revenue, Overhead and Capital Projections, told the panel led by Senator Sani Muhammed Musa (APC Niger North) that the agro-insurance outfit transferred N3, 847, 202, 032.03 to the Consolidated Revenue Fund (CRF) of the federal government in 2023.
She however contradicted her submission by arguing that the organization recorded “huge losses in 2022 hence we were unable to remit for the year.”
Not impressed by her submissions, the lawmakers took turns to appraise NAIC’s performance for the fiscal year, wondering why the Corporation’s fortunes continued to dwindle over three years.
Accordingly, the committee mandated the management of the organization to furnish it with the Corporations’s audited account covering 2021, 2022, up to the third quarter of 2023.
This is as the committee Chairman called for a breakdown of NAIC finances, insisting that the panel was poised to “block all loopholes all in the account of MDAs.”
“For a long time the accounts of MDAs have been run as personal property. We want to make a difference.
We want to ensure that the right thing is done, and that this government has what it wants to give Nigerians the dividends of democracy,” Senator Musa stressed.
The Committee also interacted with the Nigerian Financial Intelligence Unit (NFIU), and the Equipment Leasing Registration Authority (ELRA), with the management of the Corporate Affairs Commission (CAC) not sending representatives to the interactive session.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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