In a move aimed at tackling corruption in the public service, the Human and Environmental Development Agenda (HEDA Resource Centre) has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate alleged financial mismanagement and corruption involving the Nigeria Social Insurance Trust Fund (NSITF) and its Managing Director/Chief Executive Officer, Oluwaseun Mayomi Faleye.
In a petition dated February 10, 2026, signed by HEDA’s Chairman, Olanrewaju Suraju and addressed to the EFCC Chairman, Mr. Olanipekun Olukoyede, the anti-corruption organisation urged the Commission to carry out a prompt and impartial investigation into allegations of abuse of office, financial misconduct, and possible misappropriation of public funds within the agency.
HEDA stated that its petition followed an investigative report published on February 9, 2026, alleging that the NSITF Managing Director granted himself a “no approval limit” on funds amounting to about ₦297 billion and operated over 100 bank accounts linked to a single Bank Verification Number (BVN).
According to the petition, the NSITF, as a statutory agency responsible for administering the Employees’ Compensation Scheme, manages funds derived from mandatory employer contributions intended to provide compensation and social insurance for workers affected by workplace injuries, diseases, or death.
“Verifiable reports indicated that between January 2 and October 9, 2025, the Fund recorded cumulative lodgements of approximately ₦297.02 billion, out of which about ₦243.2 billion was allegedly expended within the same period. HEDA expressed concern that the alleged granting of unlimited approval powers to the Managing Director could have enabled disbursements without required board approval or oversight, contrary to established financial regulations and governance procedures.” He added.
The petition further referenced allegations that multiple bank accounts linked to a single BVN were operated and that significant payments were allegedly made to companies without transparent procurement processes or verifiable service delivery, raising concerns over possible breaches of public procurement laws.
HEDA argued that the allegations, if substantiated, may amount to financial misconduct, breach of fiduciary duty, money laundering, and other offences under Nigerian law, stressing that the matter raises serious public interest concerns given that the funds involved were meant for the welfare and protection of Nigerian workers.
The group therefore called on the EFCC to conduct a comprehensive forensic audit of NSITF accounts, banking transactions, procurement records, board approvals, and disbursement documentation within the period under review. It also urged the Commission to identify individuals responsible for any unlawful conduct and pursue appropriate enforcement actions, including prosecution and asset recovery where necessary.
HEDA emphasized that a thorough investigation would help restore public confidence in the management of social insurance funds and strengthen accountability within public institutions.
