5 months Backlogs: 10 Reasons Why FMHSDMS Wants Your Banks Statement

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Backlogs: 10 Reasons Why FMHSDMS Wants Your Banks Statement: Over 14,000 Volunteers of the Npower programme were denied their stipends for five good months.

The newly introduced GIFMIS payment platform rejected even genuine volunteers from their hard earned stipends 

“Over 14,000 N-Power Beneficiaries have not been paid their monthly stipend since the month of March to July, 2020 with the claim from Hon. Minister Hajia Sadia Umar Farouq that it was caused by GIFMIS new payment platform that flagged their account.

See Npower Backlogs: We’ve Processed Payment for those with Bank Statement -OAGF

Not resolving to pay them their stipends till date after her promise, which is totally inhuman because they have been suffering for the past 5 months without payment”- Npower Press Release 2020

“The Ministry however noted that about 14000 beneficiaries that were omitted by the AGF’s Office during the payment from March to July 2020 could be among those rejected by the GIPMIS payment platform due to discrepancies identified with their accounts as conveyed to the ministry by the AGF’s office.

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According to the report from the AGF’s office, any beneficiary receiving payment from other government payment platforms will be rejected by the Government Integrated Financial Management System (GIPMIS). Hence their payment will be withheld.

The FMHADMSD has requested for details of those affected and the reasons for their rejection from AGF’s Office and has promised to communicate that to the affected beneficiaries.

However, if the rejection was done in error, those affected should be rest assured that they will be paid all that is due to them as soon as the error is rectified by the AGF’s office”

FMHDSD has sent text to affected volunteers to submit their Bank statement from January 2020 till date.

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The question is, why are they requesting for volunteers bank statements? Can’t they verify volunteer’s financial transaction from the Office of the Accountant General?

A deep look into this issue, brings us 10 reasons why volunteers bank statements are needed

Reveals source of funds, if you are in any Government (Federal, State or Local Government) Payroll; bank statement quickly tells your sources of income, this is one of the main reason GIFMIS rejected over 14,000 volunteers

Reveals volunteers who received any Federal Government Palliative such as the Covid-19/CBN loan, Survival Fund loan, Youth Investment fund etc

Reveals volunteers who are already engaged in a paid  establishment from Federal, State, Local Government or Private Sectors

Reveals deployment of term loan funds, to check if they are being diverted to the unsaid uses

Reveals the evasion of amount from the system if the entire sale proceeds and purchases of the company are not routed through the cash credit / overdraft account, by scrutiny of credit and debit transactions.

Reveals uses of cash credit / overdraft to all the uses which is essential to be monitored as the intended use is only for the working capital purposes

Scrutiny of promoter’s personal accounts reveals the source of funds for equity investment when the lender is lending on debt equity basis

Reveals if there is any diversion of short term funds to long term or investment in unwanted assets

In other words, whether the sales and purchases are genuine in nature or are just book transactions, which may give a different opinion on the company’s performance from an analyst point of view.

Careful scrutiny can also reveal if there are any accommodating transactions or are the transactions between Npower and the other party is genuine

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