From Atiku Sarki, Abuja
The Nigeria Social Insurance Trust Fund has refuted allegations of financial misappropriation levelled against its Managing Director/Chief Executive Officer, Oluwaseun Faleye.
In a statement issued in Abuja, the management of the Fund described the allegations as false and malicious.
“It has noted with concern a publication circulating in sections of the media alleging financial impropriety, abuse of office, and diversion of funds against the Managing Director/Chief Executive Officer of the Fund,” the statement read.
“These allegations are false, malicious, and unsupported by verifiable facts, and appear to form part of a coordinated attempt to discredit the leadership of the Fund and undermine the far-reaching reforms currently underway.”
The Fund explained that it operates strictly within the statutory and governance framework provided under the Employees’ Compensation Act 2010, public finance management laws, and applicable treasury, procurement and audit regulations.
According to the management, all funds accruing to the Employees’ Compensation Fund are public trust funds subject to multilayered internal controls, internal and external audits, board oversight and supervision by relevant government authorities.
“At no time has the Managing Director/Chief Executive Officer operated, controlled, or had access to NSITF funds outside the approved institutional banking structure of the Fund,” it stated.
It added that NSITF monies are held exclusively in official Fund accounts and that all disbursements pass through established financial controls involving multiple officers, departments and approval stages.
“Any suggestion that Fund resources were diverted into personal or non-Fund accounts is categorically false,” the statement added.
On claims regarding the operation of multiple bank accounts linked to a single Bank Verification Number, the Fund said BVN linkage and account administration are regulated by deposit money banks and the Central Bank of Nigeria.
It noted that the existence of multiple accounts, some of which may be dormant or marked “Post-No-Debit,” does not constitute evidence of wrongdoing, stressing that no credible evidence had been produced showing that NSITF funds were paid into any personal or third-party account.
The Fund also dismissed allegations that the Managing Director granted himself “unlimited approval authority,” describing the claim as misleading and inaccurate.
It explained that internal approval frameworks in public institutions operate strictly within statutory financial regulations, procurement laws and board oversight, and do not override approval thresholds prescribed by government circulars.
“No internal decision can lawfully supersede these statutory controls, and no single officer can unilaterally appropriate or expend public funds,” it stated.
The management further maintained that all vendor payments and commissions under the current administration were undertaken in strict compliance with the Public Procurement Act and other applicable regulations.
It assured stakeholders that the Employees’ Compensation Fund remains safe and secure, reiterating its commitment to transparency, accountability and prudent financial management.