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N720bn vanishes without trace from NHIS, ex-CEOs, others indicted

N720bn vanishes without trace from NHIS, ex-CEOs, others indicted

- A whopping sum of N720bn has reportedly vanished from the account of NHIS

- Banks, former executive secretaries, select management staff and interest groups were all alleged to be neck-deep in the scandal

- Prof. Usman Yusuf, the NHIS executive secretary said the rot in the NHIS was unimaginable

Embattled NHIS boss, Prof. Usman Yusuf, has disclosed that the N720 billion invested by the National Health Insurance Scheme (NHIS) in 12 years has vanished without a trace.

The NHIS boss made who made this known during a power-point presentation to the agency’s Governing Council in response to a query by the board said the “investments” had no approvals of successive Ministers of Health, past boards of the NHIS and the Office of the Accountant-General of the Federation (OAGF).

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According to him, billions were lost to diversion and under-payment of interest.

Banks, former executive secretaries, select management staff and interest groups were all neck-deep in the scandal, Yusuf was said to have alleged.

He said when he discovered the scandal, he engaged forensic accountants to get to the root of the matter, the Nation reports.

In a memo to the executive secretary, the chairman of the governing council of NHIS, Dr. Enyantu lfenne, in a memo had asked him to “clear these concerns(trapped funds and Forensic Audit) and guide Council on the way forward.”

And, the news outlet reports that in his response to the query, the executive secretary said the rot in the NHIS was unimaginable.

“Over N720billion of NHIS funds were “invested” over 12 years. No approvals from Minister, Board or Office of the Accountant-General of the Federation(OAGF).

“There was no transparency. In the deals were the Chief Executive Officers, banks and other interest groups. Billions of Naira were lost to diversion and underpayment of interest.

“The executive secretaries and select management staff were all neck deep in this.”

Going further, he gave insights into the rot he inherited in NHIS and the dispute over forensic audit of the finances/ investments of the agency.

“When I resumed in August 1, 2016, I could not ascertain the state of the finances of the Scheme. My preliminary findings from the review of financial records were shocking to say the least.

“I was unable to ascertain how much of the Scheme’s funds was with commercial banks, for how long and at what rate of return.

“It was unclear to me how much of the Scheme’s money was still with commercial banks before TSA and how much was transferred to TSA.

“The audited accounts of the Scheme for years ended 31st December 2011 to 2016 were in arrears and had not been signed by the previous CEOs, he added.

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Meanwhile, Legit.ng had reported that the embattled executive secretary of the National Health Insurance Scheme (NHIS), Usman Yusuf, was linked to a fresh fund controversy after he allegedly invested N25 billion 'idle funds of the NHIS against the minister of health's advice.

Yusuf, who was suspended by the minister of health, Isaac Adewole, in July 2017, following allegations of gross misconduct and reinstated by President Muhammadu Buhari in February 2018, is neck deep in fresh trouble.

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Source: Legit.ng

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