Senate Berates Agriculture Insurance Commission Over Inconsistent Financial Records

On Monday, the Nigerian Senate criticized the Nigerian Agricultural Insurance Commission (NAIC) for not having reliable financial documentation.

Naija News reports that the Senate Committee led by Senator Sani Musa, which is working on the Medium Term Expenditure Framework, requested information from the commission regarding its finances for 2021, 2022, and up until the third quarter of 2023. However, the commission was unable to provide the requested details.

Committee members expressed their displeasure with the commission’s shenanigans on its failure to present receipts for expenditures of its generated funds during an interactive session with NAIC officials on Monday.

In 2023, the agro-insurance company transferred ₦3, 847, 202, 032.03 to the Consolidated Revenue Fund (CRF) of the federal government, according to a document presented to the committee by the MD and CEO of NAIC, Folashade Joseph, who also presented the corporation’s 2024 Revenue, Overhead, and Capital Projections.

But in defiance of her own submission, she claimed that the organization had “huge losses in 2022; hence, we were unable to remit for the year.”

Disappointed with her submissions, the legislators alternated in evaluating NAIC’s fiscal year performance, questioning why the company’s fortunes had declined over a three-year period.

The committee, therefore, ordered the organization’s management to provide its audited financial statements for the years 2021, 2022, and up to the third quarter of 2023.