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

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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.

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Trump Says He’s ‘Not a Fan’ of Pope Leo After Anti-War Remarks

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By: Fabian Apechihin

U.S. President Donald Trump has said he is “not a big fan” of Pope Leo XIV, following the pontiff’s recent calls for peace amid rising global tensions.

Speaking to reporters, Trump described the pope as “very liberal” and criticised his stance on security and foreign policy, particularly in relation to Iran. (https://www.kwtx.com)

The remarks came shortly after Pope Leo urged world leaders to end violence and avoid escalating conflicts. During an address at St. Peter’s Basilica, he condemned war and called for restraint, warning against what he described as growing global instability. (Vatican News)

Trump reiterated his criticism on social media, stating he did not support a pope who, in his view, appeared soft on issues like nuclear threats.

Despite the sharp comments, both the White House and the Holy See have recently downplayed reports of a serious rift, maintaining that relations remain cordial.

Tensions between the two sides have, however, been building over key issues, including U.S. foreign policy, immigration, and the use of military force. The pope has consistently called for dialogue and peaceful resolution, while Trump has defended a more hardline approach.

The exchange highlights a rare and growing public disagreement between a U.S. president and the leader of the Catholic Church.

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Military Under Probe After Airstrike Hits Borno–Yobe Market

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The Nigerian military is facing scrutiny after an airstrike by the Air Component of Operation Hadin Kai reportedly hit a market area, leaving dozens feared dead.

According to a military statement, the operation targeted Jilli, described as a stronghold of Boko Haram, located in Gubio Local Government Area of Borno State.

However, officials confirmed that civilians from Yobe State—particularly from Geidam Local Government Area—who had travelled to the Jilli weekly market for trading activities were among those affected.

The injured victims were reportedly evacuated to a specialist hospital in Geidam, where they are currently receiving treatment.

The incident has sparked widespread concern and condemnation. Former Vice President Atiku Abubakar described the strike as a tragic mistake and called for a thorough investigation and accountability.

The development has renewed concerns over civilian casualties linked to military operations, as authorities continue to assess the situation and investigate the circumstances surrounding the strike.

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Panic as Army Arrests Teenage Suspect Linked to Brigadier General’s Killing

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Tension has risen following the arrest of a 15-year-old suspect by troops of Operation Hadin Kai over his alleged role in a deadly attack in Borno State.

The suspect, identified simply as Tijjani, was reportedly apprehended on Sunday while on his way to purchase food for members of his group.

Military sources linked him to the attack that led to the killing of Oseni Braimah and three other soldiers. Braimah, who commanded the 29 Task Force Brigade under Operation Hadin Kai, was killed during an assault on a military base by suspected Boko Haram insurgents.

In a video circulating online, the suspect said he was arrested in Ngamdu and admitted participating in attacks on Benisheik and Ngamdu.

He claimed that his group operated from Jilli, where they regrouped after attacks. According to him, he had been sent with a large sum of money to procure logistics before his arrest.

Authorities are yet to issue an official statement regarding the development.

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