SWA: Reps query N250,000 per sitting allowance of board members

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Angered by the N250,000 per sitting allowance of board members of Sovereign Wealth Authority, SWA, the House of Representatives Public Account Committee, PAC, has ordered that it should be furnished with all relevant vouchers concerning such payments within eight days.

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The lawmakers, while vetting the accounts of the authority during an investigative hearing last Friday, discovered that there were multiple entries of four sittings in just one day.

This development did not go down well with the lawmakers who discovered that in some days, the board members sat four times, totalling N1 million sitting allowance per board member.

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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.’’

His response further angered the lawmakers who immediately declared that he should produce evidence of such payments where board members were paid as much as N1 million per day.

The lawmakers also queried the reason all the payment schedules were computer print outs and demanded for signed receipts and signed documents authorising such payments.

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In his ruling, Chairman of PAC, Kingsley Chinda, PDP, Obio/Akpor Federal Constituency, Rivers, ordered that “all relevant documents, not photocopies, should be submitted to this committee within the next eight days.

“You are also expected to furnish this committee with concrete evidence of where authorities pay as much as N250,000 per sitting in other climes.’’

SWA board members appeared before the committee to answer queries raised by the Office of the Auditor-General to the Federation, AuGF, from 2010 through 2013.

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5 thoughts on “SWA: Reps query N250,000 per sitting allowance of board members

  1. Greed everywhere, not only that they gave themslves outrageous amount of 250000 naira per sitting but also sat four times in one day to make 1m per day meeting.

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  2. These very corrupt Reps have no moral right to complain about any amount of money paid to anybody for whatever work done since we Nigerians they claim they are representing don't know how much they give to themselves, including the so-called "running costs" of N10m each. Mind u, this is just " running cost" oh! A typical case of the pot calling the kettle black!

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