NSITF: Reps probe N62.3bn employee compensation fund

The House of Representatives during Tuesday plenary session resolved to investigate the erstwhile board and management of the Nigeria Social Insurance Trust Fund (NSITF) over alleged diversion of N62.3 billion employee compensation fund.

Recall that Chris Ngige, Minister of Labour and Employment had on the 15th February, 2018, set up a nine-member Administrative Panel of Inquiry (API) into the finances of fund.

To this end, the House mandated its Committee on Labour, Employment and Productivity to conduct and investigation into the non-inauguration of the management Board of NSITF as well determine the true financial position of the NSITF between 2011 and 2015.

The resolution was passed sequel to the adoption of a motion on matters of urgent national importance on the need to investigate the non-inauguration of the NSITF board and the alleged fraudulent diversion of N62.3 billion by its past board sponsored by Prestige Ossy (PDP-Abia).

In his lead debate, Ossy noted that the establishment of the management board which shall have general control to administer and manage the NSTF and its funds.

Ossy who also noted that the federal government made an announcement for the constitution of an NSITF management board which is yet to be inaugurated said: “the House is also aware the EFCC had discovered various acts of fraudulent diversions from the federal government and private sector contributions amounting to N62.3 billion as at 2015, allegedly perpetrated by the past board and management staff of NSITF.

“Worried that the perpetuation of this alleged fraud and the non-inauguration of the NSITF board has thrown the agency into a state of confusion and left it dead to its responsibilities to the general public.

“The House is concerned that the general public including several stakeholders such as the Nigeria Labour Congress (NLC) have called for a quick intervention into the non-inauguration of the NSTIF board and alleged diversion of funds by the past Board and management staff of NSITF,” the Abia lawmaker said.