NSITF Dismisses Fraud Allegations Against MD/CEO as Malicious

The Nigeria Social Insurance Trust Fund (NSITF) has dismissed allegations of financial impropriety and abuse of office against its Managing Director/Chief Executive Officer, Seun Faluyi, as malicious and unfounded. NSITF refuted the claims, stating that all financial activities are strictly governed by statutory regulations, including the Employee Compensation Act of 2010 and the Public Financial Management Law.

The organization emphasized that funds are held in official accounts and disbursed through established processes with multiple department approvals. NSITF clarified that there is no evidence of funds being diverted to personal accounts or unauthorized expenditures.

The Board provides oversight to ensure compliance with regulatory thresholds and proper documentation of expenditures. NSITF highlighted that vendor payments are made in accordance with public procurement regulations.

The organization reiterated its commitment to transparency and adherence to financial regulations.