NSITF Denies Allegations of Financial Mismanagement, Reaffirms Commitment to Reforms

ByMoses Alamu5 hours Ago1 Mins read85

The Nigeria Social Insurance Trust Fund (NSITF) has refuted claims of financial impropriety against its Managing Director/CEO, describing them as false, malicious, and part of a coordinated smear campaign aimed at undermining ongoing reforms within the organisation.

In a statement responding to social media reports, NSITF assured Nigerian workers, employers, and the public that all funds remain safe, properly accounted for, and managed in accordance with statutory and financial regulations.

The Fund explained that it operates under the Employees’ Compensation Act 2010 and relevant public finance, treasury, procurement, and audit regulations. All monies are held in official accounts, subjected to multiple internal controls, routine audits, and oversight by the Management Board and government authorities.

Addressing claims about multiple bank accounts linked to a single Bank Verification Number (BVN) and alleged unlimited approval powers, NSITF stressed that BVN administration is regulated by banks and the Central Bank of Nigeria, while approval thresholds are governed by statutory regulations. The statement clarified that no individual can unilaterally override financial controls.

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The Fund also highlighted that vendor payments and commissions comply strictly with the Public Procurement Act, are tied to contractual obligations, and are subject to lawful audits.

NSITF attributed the allegations to resistance from vested interests affected by reforms such as automation, digitisation, debt recovery, and strengthened governance and transparency. The Fund described these reactions as “corruption fighting back” against efforts to close loopholes.

While rejecting media trials and sensational narratives, NSITF reaffirmed its commitment to transparency, accountability, and prudent management of the Employees’ Compensation Fund. It welcomed lawful inquiries by oversight authorities and assured that claims under the Employees’ Compensation Scheme continue to be paid, statutory obligations are being met, and reforms remain firmly on course.