NSITF Chairman Faces N297 Billion Scandal Over Mismanagement and Unauthorized Fund Operations

The Chairman of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Mayomi Faley, faces allegations of mismanaging worker compensation funds totaling N297 billion. Faley is accused of operating over 100 bank accounts linked to a single Bank Verification Number (BVN), enabling unauthorized fund disbursement without board approval.

Documents reveal substantial unauthorized expenditures by Faley and other senior officials, violating established financial regulations. Allegations include unauthorized payments totaling N5.5 billion and significant dollar inflows into Faley's accounts.

The scandal has prompted calls for a forensic audit and stricter safeguards to protect worker contributions to the employee compensation scheme. NSITF's Permanent Secretary, Salihu Usman, denies knowledge of the transactions.

Faley, when contacted, claimed ignorance of the allegations. The scandal underscores the need for transparency and accountability in public financial management.