By Ibrahim Danladi

The Senate has revealed that the Board of Directors of the Nigerian Security Printing and Minting Company Plc paid a staggering N14 billion in salary increments to its employees without the necessary approval from the National Salaries, Incomes, and Wages Commission. During a session in Abuja, the Chairman of the Senate Public Accounts Committee, Senator Ahmed Wadada, disclosed this concerning the 2019 report of the Auditor-General of the Federation.

The Auditor-General’s report highlighted that between 2016 and 2019, NSPMC’s Board sanctioned N14 billion for salaries and allowances without regulatory approval, violating the NSIWC Act, 1990. The Managing Director, Ahmed Halilu, initially argued that no approval was required due to the company’s registration under the Companies and Allied Matters Act. However, he later acknowledged the oversight before the Senate Committee on Public Accounts.

Expressing dissatisfaction, committee members emphasized the misappropriation of public funds and stressed the urgency of refunding the unauthorized expenditure. The revelation has sparked concerns about financial accountability and adherence to due process in the utilization of public resources