Allegations Against NSITF MD, False and Malicious, Says Management .... Publication handiwork of mischievous and disgruntled elements

"These publications are the handiwork of mischievous and disgruntled elements who have consistently sought to undermine the leadership of the Fund, particularly after failing to benefit improperly from the system. Their actions are clearly calculated to malign the reputation of the Management and erode public confidence in the institution." NSITF 

.... The story is replete with self contradictions, unfounded allegations, and sheer ignorance of the regulations guiding the operation of public funds.

The Management of the Nigeria Social Insurance Trust Fund (NSITF) has come out to categorically refute recent allegations circulating in certain media reports against the Managing Director/Chief Executive of the Fund.

The NSITF management in its reaction to the offensive story/publication, described it as a bizarre story devoid of any professional ethics.

Below is the reaction of the NSITF 

In a bizarre story devoid of any professional ethics, Sahara Reporters reeled off unsubstantiated and mind-boggling figures to wipe up public opprobrium against the person of Barrister Olúwaṣeun Mayomi Faleye who has received accolades everywhere for successfully repositioning the Fund in the short period he has been in office."

Apparently a hack job, the notorious online news platform claim in the story that Barrister Faleye was appointed in July, 2023 and operated without a board for more than a year before the board was constituted in January, 2025. The truth is the MD was appointed on July 13th, 2024, resumed two days later while the board was constituted the following January.

"Worthy of note again is the point that the platform, known for being the one with the most court cases against it, had the time and deemed it fit to contact the Chairman of the Board, the supervising Ministry and its numerous "too officials" of the NSITF but rather curiously, thought it useless to hear from the person being maligned. 

"Aside the foregoing, the story is replete with self contradictions, unfounded allegations, and sheer ignorance of the regulations guiding the operation of public funds. While the writer claimed the Managing Director granted himself "unlimited spending powers," he tendered a memo reflecting that the decision was a collective one by the exco. Also while claiming Barrister Faleye operates over a hundred bank accounts in his name, it published a few, mostly unreadable lines far less than the claim.

The claims alleging that the Managing Director operates multiple bank accounts linked to a single Bank Verification Number (BVN) or that he granted himself “unlimited spending powers” are false, misleading, and entirely without foundation. These publications are the handiwork of mischievous and disgruntled elements who have consistently sought to undermine the leadership of the Fund, particularly after failing to benefit improperly from the system. Their actions are clearly calculated to malign the reputation of the Management and erode public confidence in the institution.

For the avoidance of doubt, the Management of NSITF has at all times operated in strict compliance with extant financial regulations and the monetary thresholds and procurement guidelines issued by the Bureau of Public Procurement (BPP). In situations requiring urgent intervention, especially during periods when the Board which ordinarily convenes four times a year is not in session, appropriate approvals are duly sought and obtained from the Honourable Minister in line with established procedures. At no time has any member of Management exercised unilateral or unlimited spending authority.

It is clear that the story is a hatchet job targeted at tarnishing the soaring image of the Managing Director whose achievements has been noticed even at the presidency. 

The unprofessional, unethical, and hurried, and hushed manner it was packaged, and the attempt at whipping up public sentiment by emphasizing "workers money, not government money," the antecedents of the platform used and many more make the story fit to be consigned to the dustbin.

The Fund remains firmly committed to transparency, accountability, and the protection of the interests of Nigerian workers whose contributions it manages.

This statement is issued to clearly state the position of the Fund on these matters.