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Monday, 31 October 2016

Lawmakers query 250k per sitting allowance of Sovereign Wealth Authority board members

It has been revealed that board members of Nigeria's Sovereign Wealth Authority (SWA) are paid N250,000 per sitting. More interestingly, the board members sit four times in some days, totaling N1m sitting allowance per member. The multiple entries of four sittings in just one day were discovered during an investigative hearing by the lawmakers, while vetting the accounts of the authority.

According to Vanguard, responding to the query, the Managing Director of SWA, Mr Uche Ubosi, said:

“It is the standard practice of sovereign wealth authorities world wide to pay sitting allowances to board members.’’ This however angered the lawmakers who declared that he should produce evidence of such payments where board members were paid as much as N1 million per day. They also queried the reason all the payment schedules were computer print outs and demanded for signed receipts and signed documents authorizing such payments.

Chairman of PAC, Kingsley Chinda, in his ruling ordered that all relevant concrete documents, not photocopies, concerning the payments should be submitted to this committee within the next eight days.

29 comments:

livingstone chibuike said...

Chooii

Uju Phil said...

OK oh...

livingstone chibuike said...

Jesus is lord..waaat? Nd people ar suffering..dis guys ar jus dere havin fun,enjoyin life nd cruzing ..recession or no recession is non of dere biz..well to bad for d poor masses..

STERN said...

250000 per sitting! and your citizens are dying of starvation eveyday?. Is it until i carry holy water wash your eyes u stupid ignorant brainwashed citizens go know say BUHARI IS LEADING NIGERIA TO HELL? NIGERIA WILL NEVER MOVE FORWARD WITH THIS ADMINISTRATION.

kingsley leonard said...

this is just really sad... they just keep stealing

Didimayanra kay said...

Dis pple will not kill us.

Giggy. Abbey said...

The recession is only for the masses not for our leaders.linda observ

Giggy. Abbey said...

we lack sencerity of purpose. Linda plz observ..

Ndubisi Tochukwu said...

Those people should be jailed for collecting such amount of money under dis harsh economy...250k per sitting is kwaruption
Signed
LibBadBoy

Juliet Iwuno said...

Just imagine! Linda take note!

Odibe Blessing said...

Hmmmmmmmmmm

christie benjamin said...

WORD MAN@Stern

Paul Ocheke said...

see wastage of tax payers money... Double your hustle

Eddy Ogbunambala said...

Choi!

Anonymous said...

Na wa o, na dem go pocket all the suffering wealth, I mean sovereign wealth. No mercy for this country o.

Anon said...

It's angel PMB nah...don't forget he can't do any wrong

Anonymous said...

I am laughing in Igbo.

daniel ubong said...

For what now?what are they sitting to talk for crying out aloud,God safe us o,politicians Don finished this country.

VEEKEE FRESH said...

CRIMINALS...

Linus said...

GREEDY ONES DOING BUSINESS IN THE "AREA OF DARKNESS" AND ALWAYS AT THE EXPENSE OF NATIONAL GROWTH.

Vivian Reginalds said...

chai such cruelty in this country!!! some are hungry, some are LOOTERS and CRIMINALS...
-D great anonymous now as Vivian Reginalds

Anonymous said...

This is how they milk us, by attaching a name to department that justify wealth ,Like General overseer or sovereign wealth members,Emir, Honorable DR nonsense ,barrister chief senator Asiwaju of nonsense.They always use Title to justify stolen wealth. SON OF BITCHES.

evy claret said...

What have they achieved so far? Thieves

Eva Da Diva...

sholetoga said...

And Buhari is fighting corruption and things like this is happening under his nose......yeye dey smell. 250k per sitting how much will be left in the SWF, after a year sitting. Now, this is what is called corruption, Mr President.....deal with it

Iphie Abraham said...

Choi! 1m per day? The rich be getting richer n d poor are dying everyday. Nigeria is finished








Lib addict#just passing#

Emmy Igwe said...

Just Imagine

Anonymous said...

Correction, buhari did not appoint the md nor the board

Nweme Jonathan Eyo said...

Why are they paying them sitting allowance for what? What are the delibrate on that they are paying them? is not for the good of the nation that they and the unborn children and families will benefit? God help us as a nation

WINNY said...

Exactly...board members are collecting millions...but guess howmuch the md pockets every month...

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