ABUJA/Nigeria: The Human and Environmental Development Agenda (HEDA Resource Centre) has petitioned the Economic and Financial Crimes Commission to investigate alleged financial mismanagement and corruption within the Nigeria Social Insurance Trust Fund, naming its Managing Director, Oluwaseun Mayomi Faleye, in claims of abuse of office and possible misappropriation of public funds.
In a petition dated February 10, 2026, and addressed to EFCC Chairman Olanipekun Olukoyede, HEDA Chairman Olanrewaju Suraju called for what he described as a prompt, independent and transparent investigation into the allegations, which the group said stemmed from an investigative report published on February 9.
According to the petition, the report alleged that the NSITF chief granted himself a “no approval limit” on funds amounting to about ₦297 billion and operated more than 100 bank accounts linked to a single Bank Verification Number (BVN), raising concerns about internal financial controls and oversight mechanisms within the agency.
HEDA noted that the NSITF, which administers the Employees’ Compensation Scheme, manages funds generated from mandatory employer contributions meant to provide compensation and social insurance to workers affected by workplace injuries, occupational diseases or death. The organisation argued that any irregularities in the handling of such funds would constitute a serious breach of public trust.
The petition cited claims that between January 2 and October 9, 2025, the Fund recorded cumulative lodgements of approximately ₦297.02 billion, of which about ₦243.2 billion was allegedly expended within the same period. It expressed concern that the reported granting of unlimited approval authority could allow disbursements without required board authorisation, contrary to established governance and financial regulations.
It also referenced allegations that multiple accounts linked to a single BVN were operated and that substantial payments were reportedly made to companies without transparent procurement procedures or verifiable service delivery, developments HEDA said could indicate violations of public procurement laws and fiduciary obligations.
The organisation stated that if substantiated, the allegations could amount to financial misconduct, breach of fiduciary duty, money laundering and other offences under Nigerian law, stressing that the matter raises significant public interest concerns because the funds involved were designated for workers’ welfare and protection.
HEDA therefore urged the anti-graft agency to conduct a comprehensive forensic audit of the Fund’s accounts, banking transactions, procurement records, board approvals and disbursement documentation within the period under review, as well as identify responsible individuals and pursue enforcement measures, including prosecution and asset recovery where necessary.
The group added that a thorough investigation would not only clarify the allegations but also help restore public confidence in the management of social insurance funds and reinforce accountability within public institutions.
