Audit Report Flags ₦3.87bn in Irregularities at NAIC
The National Agricultural Insurance Corporation (NAIC) has been flagged in the 2024 Auditor-General’s report over at least ₦3.87 billion in alleged financial irregularities. The findings cover procurement, personnel costs, revenue collection, asset management, travel expenses and undocumented payments. The report cited contracts worth ₦1.09 billion allegedly awarded without required confirmation, ₦542.29 million paid to non-accredited training consultants, and ₦483.6 million in contracts said to have breached Bureau of Public Procurement conditions. It also flagged ₦291.27 million in alleged contract splitting, ₦266.56 million paid without evidence of completed work, and ₦130.25 million spent on IT equipment without the required clearance. Auditors further reported unapproved allowances, irregular staff placements, missing and prematurely disposed government vehicles valued at ₦215.72 million, and ₦265.28 million in uncollected revenue. They also said the 36 states and the FCT owed the corporation ₦1.99 billion. NAIC management reportedly did not respond to the audit queries, while the Auditor-General recommended recovery and remittance of identified funds to the Treasury, with possible sanctions for non-compliance.
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