NSITF Denies Financial Mismanagement Allegations Against Managing Director Amidst Strict Adherence to Statutory Regulations

The Nigeria Social Insurance Trust Fund (NSITF) has vehemently denied accusations of financial mismanagement against its Managing Director, Oluwaseun Faley. NSITF clarified that its operations strictly comply with statutory financial governance frameworks, including the Employee Compensation Act of 2010 and the Public Financial Management Law of Nigeria.

The organization highlighted its adherence to multiple layers of internal controls, routine audits, and oversight by relevant government authorities. NSITF refuted claims of unauthorized fund diversions, emphasizing the existence of stringent financial controls and approval processes.

The statement aimed to dispel allegations of financial impropriety and underscored the commitment to transparent and prudent management of employee compensation funds.