As part of it concerted efforts at tackling corruption in the country, particularly in the public service, the Human and Environmental Development Agenda (HEDA) has petitioned the Economic and Financial Crimes Commission (EFCC) to as a matter of national importance, probe alleged financial mismanagement and sleaze involving the Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Mr Oluwaseun Mayomi Faleye.
HEDA stated that its petition is predicated on verifiable reports which indicated that between January 2 and October 9, 2025, the Fund recorded cumulative lodgements of approximately ₦297.02 billion, out of which about ₦243.2 billion was allegedly expended within the same period.
HEDA further said that its petition followed an investigative report published on February 9, 2026, which alleged that the NSITF Managing Director, Mr. Faleye operated over 100 bank accounts linked to a single Bank Verification Number (BVN) and also granted himself a “no approval limit” on funds amounting to about ₦297 billion.
The petition dated February 10, 2026 and signed by HEDA’s Chairman, Olanrewaju Suraju, urged the EFCC to carry out a prompt, thorough and impartial investigation into allegations of gross abuse of office, financial misconduct, and misappropriation of public funds in the NSITF.
In the petition which was addressed to the Chairman of the EFCC, Mr. Olanipekun Olukoyede, HEDA stressed that a thorough investigation would help restore public confidence in the management of social insurance funds and strengthen accountability within public institutions.
It specifically said that the NSITF, as a statutory agency responsible for administering the Employees’ Compensation Scheme, manages funds derived from mandatory employer contributions that are intended to provide compensation and social insurance for workers affected by workplace injuries, diseases, and or death.
HEDA particularly expressed concern over the alleged granting of infinitum approval powers to the Managing Director which must could led to disbursements without required board approval or oversight, contrary to established financial regulations and governance procedures.
The organisation in the petition that substantial payments were allegedly made to companies without transparent procurement processes or verifiable service delivery from the multiple bank accounts linked to a single BVN thereby raised serious concerns over possible breaches of public procurement laws.
HEDA noted that the allegations, if substantiated, would amount to gross financial misconduct, breach of fiduciary duty, money laundering, and related offences under the Nigerian law.
It also emphasised that the matter raises serious 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 carry out a comprehensive forensic audit of the NSITF accounts, banking transactions, procurement records, board approvals, and disbursement documentation within the period under review. HEDA particularly tasked the EFCC to identify individuals responsible for any unlawful conduct and pursue appropriate enforcement actions, including prosecution and asset recovery where necessary.
