By Secrets Reporters
Examination of internal accounting records at the National Institute for Policy and Strategic Studies (NIPSS) in Kuru has revealed major accounting deficiencies, highlighted by ₦433,869,500.22 in unsubstantiated and unaccounted disbursements.
The results detail non-compliance with statutory expenditure protocols, unfulfilled procurement contracts, and an ongoing failure to submit audited financial statements for external oversight.
NIPSS exists as Nigeria’s premier training ground for shaping senior civil servants, military personnel, and strategic private sector executives into national leaders. Professor Ayo Omotayo has served as Director-General of NIPSS since February 2022, presiding over the period in which these unaccounted disbursements occurred. Following a final four-year term renewal approved by President Bola Tinubu in March 2026, Professor Omotayo continues at the helm of the institute
The significant financial gap involves ₦433.87 million that left the institute’s accounts without verifiable supporting documentation, payment vouchers, or receipts to clarify where the funds went or what was purchased. In a smaller but related finding, ₦890,000.00 was disbursed for goods and inventory that internal records confirm were never delivered to the institute. Compounding these monetary queries, NIPSS completely failed to submit its annual audited financial statements, preventing regulatory oversight bodies from conducting routine accounting reviews.
₦433,869,500.22 (Unaccounted Disbursements): Funds moved out of institutional accounts with zero audit trail or supporting documentation. ₦890,000.00 (Unsupplied Goods): Public money disbursed for procurement orders where physical goods never entered the store inventory. Failure to File Audited Financial Statements: The institute failed to meet basic annual reporting mandates under public finance management rules, obscuring its broader financial standing.
The documented failures breach the central role regulations governing Nigerian public institutions: Financial Regulations 2009: Mandates that every item of public expenditure must be documented and justified against its stated purpose before or immediately upon payment a requirement breached by the ₦433.87 million in undocumented disbursements. Corrupt Practices and Other Related Offences Act 2000: Governs the fraudulent diversion or unaccounted movement of public funds, directly applicable when public disbursements cannot be substantiated at this scale.
