The Nigerian Agricultural Insurance Corporation has come under fire from the Senate Committee on Finance for its failure to furnish financial information spanning from 2021 and 2022 to the third quarter of 2023.
Members of the committee expressed regret over the lack of receipts to support NAIC expenditures from revenue claims during an interactive meeting on Monday in Abuja.
The committee, which is chaired by Senator Sani Musa of the APC in Niger South, also ordered NAIC to produce comprehensive receipts for remittances purportedly made with 2023’s excess revenue.
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The MD/CEO of NAIC, Folashade Joseph, presented the committee with the company’s 2024 revenue, overhead, and capital projections. She also stated that the agro-insurance company transferred N3, 847, 202, and 032.03 to the federal government’s Consolidated Revenue Fund in 2023. Nevertheless, Joseph refuted her own submission, stating that the company had “huge losses in 2022, hence, we were unable to remit for the year.” The lawmakers were unimpressed with Joseph’s arguments, and they took turns evaluating NAIC’s fiscal year performance, questioning why the corporation’s fortunes had continued to decline over a period of three years.
In light of this, the committee directed the organization’s management to provide it with the corporation’s audited financial statements for the years 2021 and 2022 through the third quarter of 2023.
At the same time, the chairman of the committee demanded an accounting of NAIC funds, stating that the group was prepared to “block all loopholes all in the account of MDAs.”
“The accounts of MDAs have been run as personal property for a long time,” Musa stated. Our goal is to have an impact.
In order to provide Nigerians with the benefits of democracy, we want to make sure that the proper actions are taken and that this government has what it needs.
The management of the Corporate Affairs Commission did not send representatives to the interactive session; instead, the committee engaged with the Nigerian Financial Intelligence Unit and the Equipment Leasing Registration Authority.