Senate rejects NAIC over inconsistent financial records

The Nigerian Senate on Monday rejected the Nigeria Agricultural Insurance Commission (NAIC) for lack of consistent financial records.

The committee has been unable to provide financial details for 2021, 2022 and the third quarter of 2023 in response to a request from the Senate committee led by Senator Sani Musa working on the medium-term spending framework.

Commissioners who participated in a dialogue session with NAIC officials on Monday expressed dissatisfaction with the commission’s antics in failing to provide receipts for expenditures of revenue earned.

The NAIC claimed that although it spent the revenue it earned, some amounts tagged as “surplus” were transferred to federal accounts.

In a document submitted to the committee, Mrs. Folashed Joseph, MD and CEO of NAIC, while presenting the company’s 2024 revenue, overhead and capital projections, The insurance company told the committee that it had transferred N3,847,202,032.03 to NAIC. to the federal government’s Consolidated Revenue Fund (CRF) in 2023.

However, she refuted her submission, claiming that the organization had “recorded huge losses in 2022. Huge losses in 2022.” Therefore, I was unable to send money that year. ”

Unimpressed by her submission, lawmakers took turns evaluating NAIC’s fiscal year performance, wondering why its assets had been declining for three years.

Accordingly, the Commission required the organization’s management to submit audited financial reports covering 2021, 2022, and the third quarter of 2023.

This comes as the chairman called for the NAIC’s financial collapse and asserted that the committee was ready to “close all loopholes in the MDA accounts.”

“For too long, MDA accounts have been operated as private property. We want to make a difference. We want to see the right thing done and this government deliver dividends of democracy to Nigerians. We want to make sure that we get what we want to give,” Senator Musa stressed.

The Committee also interacted with the Nigeria Financial Intelligence Unit (NFIU) and the Equipment Lease Registration Authority (ELRA).

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