The Nigeria Social Insurance Trust Fund (NSITF) has dismissed claims of fund misappropriation and abuse of office leveled against its Managing Director, Oluwaseun Faleye, describing the allegations as false, malicious, and unsupported by facts.
In a statement issued by the management, the Fund noted that the allegations circulating in sections of the media appeared to be part of a coordinated attempt to discredit the leadership of the Fund and undermine ongoing reforms.
The NSITF emphasised that it operates strictly within statutory, financial, and governance frameworks, including the Employees’ Compensation Act (ECA) 2010, the Public Finance Management laws, and applicable Treasury, procurement, and audit regulations.
“All funds accruing to the Employees’ Compensation Fund are public trust funds, subject to multilayered internal controls, routine audits, Board oversight, and supervision by relevant authorities,” the statement said.
“At no time has the Managing Director controlled or had access to NSITF funds outside the approved institutional banking structure.
”All disbursements pass through established financial controls involving multiple officers, departments, and approval stages.”
Regarding claims that the Managing Director operates multiple bank accounts linked to a single Bank Verification Number (BVN), NSITF clarified that such account management is regulated by deposit money banks and the Central Bank of Nigeria.
Many accounts are dormant or “Post-No-Debit,” and their existence does not constitute evidence of wrongdoing.
The Fund also refuted allegations that Faleye granted himself unlimited approval authority, noting that all internal approvals operate within statutory financial regulations, procurement laws, and Board oversight.
“No internal decision can lawfully supersede these statutory controls, and no single officer can unilaterally appropriate or expend public funds,” the statement added.
On vendor payments and commissions, NSITF said all engagements comply with the Public Procurement Act and relevant regulations.
Payments are strictly tied to contractual obligations, services rendered, and statutory mandates, with audits and oversight mechanisms in place to address concerns.
The management reassured the public that NSITF funds remain safe and secure, reaffirming its commitment to transparency, accountability, and prudent management of the Employees’ Compensation Fund.
