Connect with us

Uncategorized

BREAKING: NSITF Boss Enmeshed in ₦297 Billion Scandal, Allegedly Operates Over 100 Bank Accounts

Published

on

Fabian Apechihin

Fresh allegations have emerged against the Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Mayomi Faleye, over the alleged diversion and mismanagement of workers’ compensation funds amounting to hundreds of billions of naira.

According to investigative documents obtained by this newspaper, Faleye is accused of operating more than 100 bank accounts linked to a single Bank Verification Number (BVN) and granting himself unrestricted spending powers. This reportedly allowed him to authorize fund disbursements without approval from the NSITF Management Board or adherence to federal financial regulations.

₦297bn Received, ₦243bn Allegedly Spent Without Approval

The documents reviewed indicate that between January 2 and October 9, 2025, the NSITF recorded total inflows of ₦297,019,145,288.60. The funds were said to have been generated solely from mandatory employer contributions under the Employees’ Compensation Act (ECA).

Within the same period, ₦243,203,518,621.17 was reportedly expended. Senior officials cited in the report alleged that a significant portion of the spending occurred without the approval of the NSITF Management Board, in breach of the law establishing the Fund.

‘Unlimited Approval’ Resolution Sparks Concern

At the centre of the controversy is a document dated March 4, 2025, described as an extract from the minutes of the 46th Executive Committee (EXCO) meeting of the NSITF, allegedly chaired and signed by Faleye.

The document reportedly outlined approval limits for other officials as follows:

  • Other General Managers: ₦25,000
  • General Manager (Finance): ₦50,000
  • Other Executive Directors: ₦750,000
  • Executive Director (Finance & Investment): ₦1,000,000

However, it allegedly placed no approval limit on the Managing Director/CEO.

Sources claimed this effectively empowered Faleye to approve payments of any amount without reference to the Board or external oversight, contrary to existing public finance regulations.

Official Reactions

When contacted, Faleye reportedly said he was unaware of the allegations. SaharaReporters further claimed that he abruptly ended the call when questioned about alleged dollar inflows, and subsequent attempts to reach him were unsuccessful.

The Permanent Secretary of the Federal Ministry of Labour and Employment, Salihu Usman, was also quoted as denying knowledge of the alleged transactions.

As of the time of filing this report, the NSITF had yet to issue an official statement. The allegations have renewed calls for a comprehensive forensic audit of the Fund and stronger accountability measures to safeguard workers’ contributions under the Employees’ Compensation Scheme.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

US Warns of Possible Terror Attacks on Facilities, Schools in Nigeria

Published

on

The United States Embassy in Nigeria on Monday issued a security warning to its citizens about a possible terrorist threat targeting US facilities and American-affiliated schools in the country, particularly in the Federal Capital Territory (FCT), Abuja.

In a security alert published on its official website, the embassy advised American citizens in Nigeria to exercise increased caution.

The advisory urged US nationals to remain vigilant, especially when visiting US diplomatic missions and schools affiliated with the United States.

According to the notice, “The US Embassy in Abuja informs US citizens of a possible terrorist threat against US facilities and US-affiliated schools in Nigeria.”

“The Embassy recommends that US citizens take additional precautions when travelling to the US Embassy, the US Consulate General in Lagos, and US-affiliated schools, including varying their travel times and routes,” the statement added.

Continue Reading

Uncategorized

War: ‘We’ll Respond Accordingly’ – Turkey Warns Iran Over Continued Missile Attacks

Published

on

By Fabian

Turkey has warned that it will take decisive action to defend its territory following what it described as a recent ballistic missile incident involving Iran.

In a statement, Turkey’s Defence Ministry said the country is prepared to take all necessary measures to address any threat to its territorial integrity.

The warning came after a ballistic missile reportedly launched from Iran was intercepted after entering Turkish airspace.

The Defence Ministry noted that Turkey values maintaining strong relations with its neighboring countries and remains committed to preserving stability in the region.

However, the ministry stressed that Ankara would respond swiftly and firmly to any threat targeting its land or airspace.

“We want to make it clear that we will take strong and immediate action against any threat directed at our country’s territory and airspace,” the statement said.

The ministry also urged all parties to take Turkey’s warnings seriously, adding that doing so would serve the interests of regional peace and security.

Last week, Turkey claimed that Iran had fired a missile toward its territory, though Iran’s military authorities denied the allegation.

Continue Reading

Uncategorized

Akpabio Urges Responsible Leadership as Senate Adjourne Plenary Again

Published

on

By Hassan Taiye

The President of the Senate, Godswill Akpabio, on Tuesday called on lawmakers to remain guided by faith, duty and the collective aspirations of Nigerians as the Senate resumed plenary after a brief adjournment.

Speaking at the National Assembly in Abuja, Akpabio noted that while the legislature had temporarily adjourned to allow committees carry out important legislative assignments, the life of a nation and the expectations of its citizens never pause.

He observed that across the country, Nigerians have continued their daily struggle to build, labour, hope and endure, stressing that lawmakers must return to their responsibilities with renewed commitment as custodians of the people’s trust and stewards of their welfare.

The Senate President also paid tribute to the late Senator Barinada Mpigi, who represented Rivers South-East Senatorial District, describing his death as a painful loss to the Senate and the nation.

Akpabio said the late lawmaker served the National Assembly with dedication and remained committed to the welfare of his constituents and the ideals of democratic governance.

According to him, Senator Mpigi was known for his calm strength, cooperative spirit and unwavering commitment to the legislative process.

He extended condolences on behalf of the Senate to the family of the deceased, the government and people of Rivers State, and the people of Rivers South-East Senatorial District whom the late senator served with diligence.

The Senate President also reflected on the significance of the sacred seasons of Ramadan and Lent, noting that both periods represent moments of deep spiritual reflection for Muslims and Christians respectively.

He commended Muslim faithful across the country for their devotion during Ramadan, describing the fasting period as an exercise in discipline, self-denial, reflection and submission to the will of God.
Akpabio said the lessons of Ramadan—patience, humility, charity and compassion—are virtues that Nigeria urgently needs in both public and private life.
He also noted that Christians are observing Lent, a 40-day period of prayer, fasting and repentance ahead of Easter, which commemorates the suffering, sacrifice, death and resurrection of Jesus Christ.
According to him, both religious seasons highlight the importance of discipline before God and compassion towards fellow citizens, values he said are necessary for building a stronger and more united nation.

Akpabio stressed that representation remains central to democracy, describing it as a covenant between the people and those elected to speak on their behalf.
While acknowledging the growing influence of social media in amplifying public voices, he noted that democratic institutions remain the appropriate avenue for resolving national issues.

He said while social media may raise alarms on issues affecting citizens, institutions such as the Senate must provide practical solutions through legislation and policy.

The Senate President therefore urged Nigerians to engage their elected representatives and channel their concerns through democratic institutions so that grievances can be transformed into policy actions.

Akpabio also highlighted the importance of the national budget, describing it as a critical instrument through which the aspirations of Nigerians are translated into public policy.
“A budget is more than figures on paper; it is a declaration of national intention,” he said.
According to him, the budget reflects the country’s priorities and determines where public resources are directed to support development and improve the welfare of citizens.
He expressed hope that Senate committees had exercised diligence in reviewing the budget to ensure it reflects the yearnings of Nigerians across different sectors of the economy.
Call for Unity and Purpose
The Senate President acknowledged that Nigeria faces significant challenges but expressed confidence that the country can overcome them through courage, determination and responsible leadership.
He urged lawmakers to ensure that public resources are deployed to promote development, strengthen institutions, expand opportunities and improve the lives of citizens.

Akpabio also called on senators to conduct their legislative responsibilities with dignity, seriousness and patriotism.
He concluded by expressing hope that the spiritual lessons of Ramadan and Lent would inspire lawmakers to work together for the peace, unity and prosperity of Nigeria.
“Let us debate with vigour but act with wisdom. Let us differ in opinion but remain united in our duty to the Republic,” he said.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.