The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Mayomi Faleye, is facing grave allegations of financial misconduct. He is accused of operating more than 100 bank accounts linked to a single Bank Verification Number (BVN) and granting himself “unlimited spending powers” to siphon and misappropriate funds belonging to Nigerian workers.
Multiple internal documents, bank records, and testimonies obtained by *SaharaReporters* allege that Faleye unilaterally conferred these powers on himself. He reportedly authorized the disbursement of hundreds of billions of naira belonging exclusively to Nigerian workers without lawful approval, board oversight, or adherence to federal financial regulations.
READ ALSO: Tinubu Vows Victory Over Terrorism, Praises Northern Governors for Security Gains
N297 Billion in Workers’ Funds; ₦243 Billion Allegedly Spent Without Approval
According to documents reviewed by *SaharaReporters*, between January 2 and October 9, 2025, the NSITF recorded total lodgments of ₦297,019,145,288.60.
Insiders stressed that these funds were derived entirely from compulsory employer contributions under the Employees’ Compensation Act (ECA)—a statutory scheme designed to protect Nigerian workers injured, disabled, or killed in the course of employment.
Within the same period, records show that ₦243,203,518,621.17 was spent. Multiple senior officials alleged that a significant portion of this expenditure was carried out without the approval of the NSITF Management Board, violating both the Act establishing the Fund and existing federal financial regulations.
“This is not government money. This is workers’ money, contributed mandatorily under the law,” one senior NSITF official said. “Every kobo is supposed to be protected by layers of checks and balances. What we are seeing here is a complete collapse of those safeguards.”
No Approval Limit’: How Faleye Allegedly Bypassed Oversight
Central to the allegations is a document dated March 4, 2025, signed by Mr. Faleye. The document is an extract from the minutes of the 46th Executive Committee (EXCO) meeting, held at the NSITF Boardroom and chaired by Faleye, detailing approval limits for financial transactions.
The EXCO resolution set clear limits for other officials:
General Managers: N25,000
General Manager (Finance):N50,000
Executive Directors: N750,000
Executive Director (Finance and Investment):₦1,000,000
However, under the same resolution, Mr. Faleye approved “No Limit” for his own spending authority. Sources allege this effectively gave him unrestricted power to approve payments of any amount without recourse to the Management Board.
“He simply wrote and signed a document granting himself ‘No Approval Limit’,” a senior official disclosed. “There is absolutely no legal basis for this in the NSITF Act or in federal financial regulations.”
Another insider added: “This amounts to usurping the powers of the President of the Federal Republic of Nigeria. Under existing rules, even Managing Directors of parastatals are capped. Current federal thresholds allow MDs to approve up to ₦30 million for works and ₦10 million for goods and services, and even those remain subject to board oversight.”
Millions of Dollars Traced to Faleye and Linked Entities
In a separate document, investigators traced alleged inflows of millions of dollars and hundreds of millions of naira into bank accounts linked directly to Mr. Faleye and associated entities. The transactions include:
Faleye Oluwaseun Mayomisola (GTBank USD): $336,917.00
Faleye Oluwaseun Mayomisola (GTBank USD):$6,743,421.00
Faleye Oluwaseun Mayomisola (GTBank NGN):
₦291,182,605.00
Fides & Fiducia Client Account (Access Bank NGN):N584,950,000.00
Fides & Fiducia (Access Bank USD): $626,279.00
Fides & Fiducia (Zenith Bank NGN): ₦93,757,500.00
Pluschess Limited (Zenith Bank USD): $20,000.00
Faleye Oluwaseun Mayomisola (GTBank USD):$75,558.00
The total dollar inflow alone is estimated at over **$7.3 million**, excluding naira-denominated transactions.
Over 100 Bank Accounts, One BVN
Perhaps most alarming is a document showing more than 100 active bank accounts linked to a single BVN belonging to Mr. Faleye. The BVN profile (registered June 10, 2015) identifies the owner as Oluwaseun Mayomi Faleye, born August 28, 1977, with Guaranty Trust Bank as the enrollment bank.
“The scale is staggering,” one insider said. “You don’t run over 100 accounts accidentally. This points to systematic structuring.”
N5.5 Billion in ‘Commission’ Payments
Beyond personal accounts, sources allege that Mr. Faleye authorized speculative commission payments totaling over **₦5.53 billion** without approval from the NSITF Management Board or the Ministry of Labour. These payments, allegedly ranging between 15% and 20% commission, include:
Assurance Services ST ADBA Ltd: N1,379,186,010.00
TAGG Global Resources Ltd: N865,000,000.00
Rate Seal Support & Project Ltd:₦683,777,666.40
Rate Seal Support & Project Ltd (Second payment): N659,303,810.50
Rate Gold Solution Nig Ltd: N648,750,000.00
Gold Solution Nig Ltd: N648,750,000.00
TAGG Global Resources Ltd (Second payment): ₦648,750,000.00
Sources disclosed that Faleye was appointed in July 2023, yet the NSITF Management Board was not constituted until January 2025. This created a one-year governance gap that insiders say was exploited.
“NSITF is not meant to operate without a board,” a top official explained. “The Act expressly forbids Executive Management from spending funds without board approval. What happened here is unprecedented. This is not mismanagement; it is misappropriation.”
The NSITF operates under a tripartite governance structure involving the Nigeria Employers’ Consultative Association (NECA), the Nigeria Labour Congress (NLC), and the Federal Ministry of Labour.
When contacted by *SaharaReporters*, Mr. Faleye initially stated he was unaware of the allegations. However, when asked specifically about the $7.3 million transferred into his dollar accounts, he abruptly hung up the call. Subsequent efforts to reach him were unsuccessful.
The Permanent Secretary of the Ministry of Labour, Salihu Usman, denied knowledge of the ₦5 billion commissioning project or the alleged mismanagement of ₦240 billion.
The Chairman of the NSITF Board, Shola Olofin, told reporters: “Please give me time to verify this information and claims.”
