Ngige said: “The operations of the various parastatals must strictly conform to financial regulations, especially Section 32 and the provisions of the Procurement Act. The audited accounts of the parastatals must always be prepared and submitted to the relevant authorities as and when due. “The NSITF, for example, is reeling from massive looting with no audited account for five years. A whooping sum of N5billion was unearthed by an audit panel of enquiry as having been taken out of the NSITF coffers with First Bank in a single day without vouchers. “Worse still, the organisation maintained no cash book as required by financial regulations. This resulted in massive looting of funds by board members acting in concert with the management staff. “When we say N5 billion was taken in one day, that’s not the only amount missing. Over N30billion cannot be accounted for and the members of the past board participated actively in the looting. We want to know how board members, who are not part of the management, found their way so deep to have participated in plundering of the agency,” Ngige said. The labour minister revealed that some indicted management staff and members of the previous board, including their chairman, had been charged to court by the Economic and Financial Crimes Commission (EFCC). “We don’t want the new board to go into a stench; putting a new wine in an old wine skin, it will be polluted. That’s why the president agreed for us to do an administrative enquiry there to explain the total failure of the internal audit mechanism for checking that no money leaves the establishment without voucher, and in this instance, over N30 billion missing and N5 billion of it without any voucher, no trace. It is unacceptable,” he stated. Ngige asserted that having discovered that the former board was neck deep in massive corruption, it was imperative to forestall recurrence. He, therefore, said that once the panel of enquiry concluded its findings and government issued a gazette on its conclusions, a new board would be inaugurated. “We will make sure that people who are going there will be people of character and quality so that such a thing will never happen again because the NSITF is the flagship board of this ministry and for the constituent tripartite organisations,” he said. Add 0802 739 7554 To Receive SKYTREND NEWS Alerts On WhatsApp; For Adverts Enquiries, Whatsapp 0802 739 7554, Send Articles & News Stories To editor@skytrendnews.com. Tori READ ALSO! 14-Year-Old Pregnant Housemaid Dislodges Her Childless Madam, Says I Can’t Share Husband With You READ ALSO! SHOCKING, ALARMING: Nigerian FRSC Official Engages Woman In Serious Physical Combat (VIDEO) READ ALSO! How I Stopped Obasanjo From Becoming Nigerian Version Of Mugabe — Atiku READ ALSO! I’m Happy Leaving My Husband, Nine Children For New Lover — Housewife After 23 Years Of Marriage READ ALSO! The Smart CEO: Top 5 Websites To Get Cheap Domain Name Registration READ ALSO! First Bank’s Appalling Customer Service And Utter Disregard For Its Customers READ ALSO! Between GoDaddy And Namecheap: Making The Best Choice For Domain Name Registrar READ ALSO! Nigerian Filmmaker, Zuriel Oduwole Makes Forbes List Of 100 Most Influential African Women READ ALSO! Woman Marries Her Son After Getting Pregnant For Him ]]>