/> Reps query N250,000 per sitting allowance and 4 sittings per day of SWA board members | Welcome to praizeblog

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 8 days.

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 N1m sitting allowance per board member.

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 the countries
where board members were paid as much as N1m per day.

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

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