The Nigeria Social Insurance Trust Fund (NSITF) has dismissed allegations of financial impropriety against its Managing Director/CEO, describing them as false, malicious, and unsupported by verifiable evidence.
In a statement issued on Tuesday in Abuja and signed by the Fund’s management, NSITF expressed concern over media reports alleging abuse of office, fund diversion, and misconduct by its leadership.
According to the statement, the allegations are part of a coordinated attempt to discredit the Fund’s leadership and ongoing reforms.
“The Fund operates strictly under the Employees’ Compensation Act 2010, Public Finance Management laws, and other statutory financial regulations.
All Employees’ Compensation Fund monies are public trust funds, subject to internal controls, audits, and board oversight.
The Managing Director/CEO has never accessed or controlled NSITF funds outside official banking structures.
NSITF funds are held in official accounts, and all disbursements go through multiple officers, departments, and approval stages,” the statement said.
It added that claims about multiple bank accounts linked to one BVN are misleading, as account regulation is governed by banks and the Central Bank. There is no evidence that NSITF funds were ever deposited into personal or third-party accounts.
The statement also refuted claims of “unlimited approval authority,” noting that all approvals follow statutory regulations, procurement laws, and board oversight.
It said the operational expenditures remain within prescribed statutory thresholds, with board approval governing policy and annual budgets not routine spending.
Vendor payments comply with the Public Procurement Act, and all engagements are tied to contracts and services rendered.
The management noted that reforms, automation, and debt recovery efforts have disrupted entrenched interests, which often respond with false claims.
The NSITF reaffirmed its commitment to transparency, accountability, and the delivery of the Employees’ Compensation Fund mandate, assuring Nigerians that claims continue, statutory obligations are met, and social security protections for workers remain intact.