Oluwaseun Mayomi Faleye, managing director/chief executive officer of the Nigeria Social Insurance Trust Fund (NSITF), has been indicted in an alleged ₦243 billon scandal.
The Human and Environmental Development Agenda (HEDA) has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate the alleged financial mismanagement and impropriety involving Faleye.
HEDA stated that its petition is based on verifiable reports indicating that between January 2 and October 9, 2025, NSITF recorded cumulative lodgements of approximately ₦297.02 billion, out of which about ₦243.2 billion was allegedly spent within the same period.
The organisation further explained that its petition followed an investigative report published on February 9, 2026, which alleged that Oluwaseun Mayomi Faleye, operated over 100 bank accounts linked to a single Bank Verification Number (BVN) and granted himself a “no approval limit” on funds amounting to about ₦297 billion.
The funds reportedly came from compulsory employer contributions under the Employees’ Compensation Act (ECA), which is designed to protect workers injured, disabled or killed in the course of employment.
According to the report, bank records and testimonies cited in the report, Faleye is alleged to have unilaterally conferred sweeping financial powers on himself and authorised the disbursement of hundreds of billions of naira without board approval or adherence to federal financial regulations.
The petition, dated February 10, 2026, and signed by HEDA’s chairman, Olanrewaju Suraju, urged the EFCC to conduct a prompt, thorough, and impartial investigation into allegations of gross abuse of office, financial misconduct, and misappropriation of public funds within the NSITF.
HEDA stressed that a comprehensive probe would help restore public confidence in the management of social insurance funds and strengthen accountability in public institutions.
It noted specifically that the NSITF, as a statutory agency responsible for administering the Employees’ Compensation Scheme, manages funds derived from mandatory employer contributions intended to provide compensation and social insurance benefits to workers affected by workplace injuries, diseases, or death.
HEDA expressed particular concern over the alleged granting of “infinitum approval powers” to the managing director, which could have led to disbursements without the required board approval or oversight, contrary to established financial regulations and governance procedures.
The organisation stated in the petition that substantial payments were allegedly made to companies without transparent procurement processes or verifiable service delivery, from multiple bank accounts linked to a single BVN, thereby raising serious concerns about possible breaches of public procurement laws.
HEDA added that the allegations, if substantiated, would amount to gross financial misconduct, breach of fiduciary duty, money laundering, and related offences under Nigerian law.
It also emphasised that the matter raises significant public interest concerns, given that the funds involved were meant for the welfare and protection of Nigerian workers.
Accordingly, HEDA called on the EFCC to conduct a comprehensive forensic audit of the NSITF’s accounts, banking transactions, procurement records, board approvals, and disbursement documentation within the period under review.
The group specifically urged the Commission to identify individuals responsible for any unlawful conduct and to pursue appropriate enforcement actions, including prosecution and asset recovery where necessary.
The allegations and report were first reported by SaharaReporters.
