The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Mayomi Faleye, has been accused of granting himself unlimited approval authority over the Fund’s finances and operating more than 100 bank accounts allegedly linked to a single Bank Verification Number (BVN).
Investigators, according to documents exclusively obtained by SaharaReporters, also traced alleged inflows of millions of dollars and hundreds of millions of naira into bank accounts linked directly to Faleye and entities reportedly associated with him.
₦297bn Lodged, ₦243bn Allegedly Spent Without Approval
Documents reviewed indicate that between January 2 and October 9, 2025, the NSITF recorded total lodgements of ₦297.02 billion, derived entirely from mandatory employer contributions under the Employees’ Compensation Act (ECA).
Within the same period, records show that ₦243.2 billion was spent. Multiple senior officials alleged that a substantial portion of the expenditure was carried out without approval from the NSITF Management Board, contrary to the Act establishing the Fund and existing federal financial regulations.
“This is not government money; it is workers’ money,” a senior NSITF official said. “Every kobo is meant to be protected by strict checks and balances. What we are seeing suggests a breakdown of those safeguards.”
Alleged ‘No Approval Limit’ Resolution
Central to the allegations is a document dated March 4, 2025, reportedly extracted from the minutes of the 46th Executive Committee (EXCO) meeting of the NSITF and signed by Faleye.
The document outlines approval limits for financial transactions:
Other General Managers – ₦25,000
General Manager (Finance) – ₦50,000
Executive Directors – ₦750,000
Executive Director (Finance and Investment) – ₦1,000,000
However, the same resolution allegedly granted the Managing Director/CEO “no approval limit”, effectively allowing him to authorise spending of any amount without recourse to the Management Board.
Senior officials described the move as unprecedented and lacking any legal basis under the NSITF Act or federal financial regulations.
“Even heads of government agencies are subject to financial thresholds and board oversight,” one source said. “This effectively concentrated unchecked financial authority in one office.”
Millions of Dollars Allegedly Traced to Linked Accounts
A separate document reviewed by SaharaReporters lists multiple dollar and naira transactions allegedly linked to Faleye and associated entities. The transactions reportedly include over $7.3 million in dollar inflows, excluding naira-denominated deposits running into hundreds of millions.
Sources familiar with the investigation described the volume and frequency of the transfers as “highly suspicious” and suggestive of deliberate structuring.
Over 100 Bank Accounts Linked to One BVN
Another document allegedly shows more than 100 active bank accounts linked to a single BVN bearing Faleye’s name. Sources claimed that several of the accounts received funds traceable to NSITF operations.
“You don’t operate over 100 accounts by accident,” an insider said. “The scale points to systematic financial structuring.”
₦5.5bn Commission Payments Allegedly Approved Without Authorisation
Further allegations include the approval of commission payments totalling over ₦5.53 billion to various companies, allegedly without board resolution or ministerial approval. The payments reportedly ranged between 15% and 20% commission on transactions.
“This money was allegedly paid without lawful authority,” a source said. “There was no board approval and no clearance from the supervising ministry.”
Governance Gap and Board Absence
Sources noted that Faleye was appointed Managing Director in July 2023, while the NSITF Management Board was not constituted until January 2025, leaving the Fund without a board for over a year.
According to insiders, the NSITF Act does not permit executive management to approve spending in the absence of a board, regardless of temporary administrative arrangements.
“This is not mere mismanagement,” one official said. “If proven, it amounts to misappropriation of workers’ funds.”
Responses
When contacted, Faleye said he was not aware of the allegations. However, when questioned specifically about the alleged dollar inflows, he reportedly ended the call abruptly. Subsequent attempts to reach him were unsuccessful.
The Permanent Secretary of the Ministry of Labour, Salihu Usman, said he was unaware of the allegations, while the Chairman of the NSITF Board, Shola Olofin, stated that he needed time to verify the claims.
