The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Mayomi Faleye, is accused of granting himself unlimited spending powers and operating more than 100 bank accounts linked to a single Bank Verification Number (BVN), enabling alleged misappropriation of workers’ funds.
According to documents obtained exclusively by Reporters, Faleye authorized the disbursement of ₦243 billion from a total NSITF inflow of ₦297 billion between January and October 2025 without board approval or adherence to federal financial regulations.
The funds are derived entirely from compulsory contributions under the Employees’ Compensation Act (ECA), meant to protect Nigerian workers injured, disabled, or killed at work.
Internal records reveal that while other NSITF executives had strict transaction limits ranging from ₦25,000 to ₦1 million Faleye allegedly approved a resolution granting himself no limit on spending authority, bypassing board oversight and federal rules.
Sources told Reporters that this unprecedented move effectively allowed Faleye to operate with unrestricted access to workers’ funds. There is absolutely no legal basis for this, one senior official said.
This is workers’ money, not government funds. Every kobo should be protected by checks and balances.
Investigators reportedly traced inflows of over $7.3 million into Faleye-linked accounts, alongside hundreds of millions of naira, through entities associated with him, including Fides & Fiducia and Pluschess Limited.
Faleye allegedly approved speculative commission payments totaling ₦5.53 billion without board or ministerial authorization, with some payments reaching 20% of contract values.
Faleye was appointed NSITF Managing Director in July 2023, while the Management Board was not constituted until January 2025. Sources argue that this gap enabled him to exploit the absence of oversight.
Officials emphasized that NSITF funds are distinct from government revenue, collected exclusively from employers’ payroll contributions, and should be strictly safeguarded under a tripartite governance framework involving NECA, NLC, and the Ministry of Labour.
Attempts by Reporters to contact Faleye for comment were unsuccessful, as he abruptly hung up when questioned about the alleged $7.3 million transfers.
The Ministry of Labour and NSITF Board chair also did not provide immediate clarification. This is not mismanagement. This is misappropriation and outright theft of workers’ funds, an insider said.
The revelations have intensified scrutiny of public fund management at NSITF and renewed calls for immediate investigation into Faleye’s alleged actions.
