NSITF refutes allegations of financial impropriety, abuse of office against its MD/CEO

Management of the Nigeria Social Insurance Trust Fund (NISTF), has described as false and malicious, a publication circulating in sections of the media alleging financial impropriety, abuse of office, and diversion of funds against the Managing Director/Chief Executive Officer of the Fund Barrister Oluwaseun Faleye.

In a statement issued in Abuja on Tuesday, the Management of the NSITF said categorically that the allegations were “false, malicious, and unsupported by verifiable facts, and appear to form part of a coordinated attempt to discredit the leadership of the Fund and undermine the far-reaching reforms currently underway.”

According to the statement, “the NSITF operates strictly within a clearly defined statutory, financial, and governance framework under the Employees’ Compensation Act (ECA), 2010, the Public Finance Management laws of the Federal Republic of Nigeria, and applicable Treasury, procurement, and audit regulations..

“All funds accruing to the Employees’ Compensation Fund are public trust funds, subject to multilayered internal controls, routine internal and external audits, Management Board oversight, and supervision by relevant government authorities.”

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The statement said that at no time had the Managing Director/Chief Executive Officer operated, controlled, or had access to NSITF funds outside the approved institutional banking structure of the Fund.

“NSITF monies are held exclusively in official Fund accounts, and all disbursements pass through established financial controls involving multiple officers, departments, and approval stages.

” Any suggestion that Fund resources were diverted into personal or non-Fund accounts is categorically false,” it said.

With regard to claims about the operation of multiple bank accounts linked to a single Bank Verification Number (BVN), the statement said, “it must be clearly stated that BVN linkage and account administration are regulated by deposit money banks and the Central Bank of Nigeria, not by individual discretion. The existence of multiple accounts, many of which are dormant, marked “Post-No-Debit,” or not operational, does not constitute evidence of wrongdoing.

“Crucially, no credible evidence has been produced showing that NSITF funds were paid into any personal or third-party account.”