By David Torough, Abuja

Fresh allegations of large-scale financial irregularities, abuse of office and governance breakdown have rocked the Nigeria Social Insurance Trust Fund (NSITF), following petitions by the Arewa Revival Project calling for urgent investigations into the activities of the Managing Director/Chief Executive Officer, Mr.

The civic accountability and good-governance advocacy group has formally petitioned the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Office of the Auditor-General of the Federation, the Federal Ministry of Finance under the Whistleblower Policy, the Federal Ministry of Labour and Employment, the NSITF Management Board, as well as organised labour bodies including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

At the centre of the controversy is the management of ₦297,019,145,288.60 reportedly collected between January 2 and October 9, 2025, under the Employees’ Compensation Act (ECA).

The Employees’ Compensation Scheme is funded through compulsory employer contributions amounting to one per cent of payroll, designed to compensate Nigerian workers who suffer injury, disability or death in the course of employment.

Senior NSITF officials cited in investigative reports stressed that the funds administered by the agency are trust funds belonging exclusively to workers, not government revenue.
“This is not government money. This is workers’ money, contributed mandatorily under the law,” one senior official was quoted as saying. “Every kobo is supposed to be protected by layers of checks and balances.”

Documents reviewed by investigators reportedly show that out of the total inflow of ₦297.02 billion, expenditures of ₦243,203,518,621.17 were recorded within the same period.

Multiple sources allege that a significant portion of the expenditure was made without the approval of the NSITF Management Board, in violation of the NSITF Act and federal financial regulations. Insiders described the development as a “complete collapse of safeguards” meant to protect workers’ funds.

‘No Approval Limit’ Resolution Raises Questions
Central to the allegations is an internal document dated March 4, 2025, said to have been extracted from the minutes of the 46th Executive Committee (EXCO) meeting chaired by Mr. Faleye.

According to the document, financial approval limits were set at ₦25,000 for other General Managers, ₦50,000 for the General Manager (Finance), ₦750,000 for other Executive Directors, and ₦1 million for the Executive Director (Finance and Investment).

However, under the same resolution, the Managing Director/Chief Executive Officer allegedly approved “no limit” for his own spending authority.

Sources claim this effectively granted him unrestricted powers to approve payments of any amount without recourse to the Board or external oversight.

“He simply wrote and signed a document granting himself ‘No Approval Limit’,” a senior official alleged. “There is absolutely no legal basis for this in the NSITF Act or federal financial regulations.”

Under existing federal thresholds, Managing Directors of government parastatals are reportedly capped at ₦30 million for works and ₦10 million for goods and services, subject to board oversight.

Another major allegation involves the operation of more than 100 bank accounts allegedly linked to a single Bank Verification Number (BVN) said to belong to Mr. Faleye.

Documents reportedly indicate that the BVN, registered on June 10, 2015, with Guaranty Trust Bank, Ajose Adeogun Branch, is associated with numerous accounts, some of which allegedly received funds traceable to NSITF operations.

“The scale is staggering,” an insider said. “You don’t run over 100 accounts accidentally. This points to systematic structuring.”

$7.3 Million and Naira Inflows Traced
Investigators also reportedly traced inflows of more than $7.3 million, alongside hundreds of millions of naira, into accounts linked to Mr. Faleye and entities allegedly associated with him.
Among the transactions listed in documents reviewed are: $336,917.00 and $6,743,421.00 into two separate GTBank USD accounts bearing his name;
₦291,182,605.00 into a GTBank naira account in his name; ₦584,950,000.00 and $626,279.00 into accounts linked to Fides & Fiducia; ₦93,757,500.00 into a Zenith Bank account linked to Fides & Fiducia; $20,000.00 into a Pluschess Limited account; $75,558.00 into another GTBank USD account bearing his name.
“These are not small transfers,” a source familiar with the documents alleged. “The volume, frequency and structuring suggest deliberate efforts to move and possibly conceal funds.”

Further allegations concern commission payments totalling ₦5,533,517,486.90, allegedly approved without the consent of the NSITF Management Board or the supervising ministry.

The payments reportedly include ₦1.38 billion to Assurance Services ST ADBA Ltd; ₦865 million and ₦648.75 million to TAGG Global Resources Ltd; ₦683.78 million and ₦659.30 million to Rate Seal Support & Project Ltd; and ₦648.75 million each to Rate Gold Solution Nig Ltd and Gold Solution Nig Ltd.

Sources allege the commissions ranged between 15 and 20 per cent and were paid without lawful authority.

Faleye was appointed Managing Director in July 2023, while the NSITF Management Board was reportedly not constituted until around January 2025, creating a governance gap of more than one year.

“The Act expressly forbids Executive Management from spending funds without board approval,” a top official said. “If there is no board, spending should not take place.”

Reacting to the allegations, the Arewa Revival Project, led by Hon. Muttakka Ahmed Ibrahim, described the alleged acts as a grave betrayal of public trust if proven.

The group called on President Bola Ahmed Tinubu and relevant anti-corruption agencies to urgently investigate the claims to safeguard workers’ funds and restore confidence in public institutions.

When contacted, Mr. Faleye reportedly said he was not aware of the allegations. However, when questioned about the dollar accounts and alleged inflows, he reportedly ended the call.

The Permanent Secretary of the Ministry of Labour, Mr. Salihu Usman, reportedly denied prior knowledge of the alleged transactions, while the Chairman of the NSITF Board, Mr. Shola Olofin, requested time to verify the claims.

All allegations remain unproven and subject to investigation. Observers say the unfolding developments present a major test of Nigeria’s public finance accountability framework, particularly in institutions entrusted with safeguarding workers’ welfare.

As investigations begin, millions of Nigerian workers await clarity over the safety of funds intended to protect them in times of injury, disability and loss.

From Mike Tayese, Yenagoa

A total of 1,350 Corps members that was sworn-in by the National Youth Service Corps (NYSC) for the 2026 Batch ‘A’ Stream 1 orientation exercise and mandatory one-year service in Bayelsa, has successfully closed camp after 21 days.

The closing ceremony took place at the NYSC Permanent Orientation Camp Kaiama, Kolokuma/Opokuma Local Government of Bayelsa on Tuesday.

Our correspondent recalls that the corps members were sworn-in on January 23, 2026, at the NYSC Permanent Orientation Camp Kaiama, Kolokuma/Opokuma Local Government of Bayelsa on Friday.

In his remarks to close the 21 days of camping, Gov. Douye Diri of Bayelsa said that the mandatory youth corps has endured for many years and successfully produced vibrant youths.

He urged the corps members to be of good behavior, as they have been posted to the place of their place of primary assignment.

Diri, represented by the Commissioner for Youth Development, Mr Alfred Kemepadei, appealed to rise up to challenges and to ensure that their impact is felt, in whatever they do for their parents to be proud of them in all spheres of life.

He thanked the NYSC officials, the camp commandant and all corps members for the successful 21 days in the camp without any issue.

He pledged the Bayelsa government’s commitment to their welfare and safety, and congratulated the corps members for the end of the orientation camp.

On his part one of the corps members, Ifeanyi Okeke, commended the National leadership of NYSC and the State Coordinator, for making the camp a reality for them, corps members.

He said that he has learnt a lot of new things and has equally made friends with other tribes that never emerged, as he said his orientation has changed.

The corps member promised to uphold the rules and regulations of the NYSC, and to put all his best to impact knowledge at the place of his primary assignment.

From Joseph Amedu, Lokoja

Kogi State Governor, Usman Ododo has commissioned the Nike Art and Culture Gallery and the Institute of African Heritage and Museum Studies at the Federal University, Lokoja, describing the project as a major step towards preserving the culture and history of the people.

Ododo said that the new institute will help young people understand their roots, history, and African identity, noting that knowing one’s culture is important for building a better future.

The Governor who was represented by his deputy, Joel Oyibo commended the Vice Chancellor of the University, Professor Olayemi Akinwumi, for his leadership and commitment to projects that will leave lasting legacies in the institution.

The Governor also celebrated the renowned artist and cultural icon, Chief Nike Okundaye, after whom the institute is named.

He described her as a pride of Kogi State and Nigeria, noting that she has spent decades promoting African art and culture across the world and empowering many young Nigerians with skills for self-reliance.

He said naming the institute after her is a way of appreciating her lifelong contribution to the growth of culture and the creative industry.

Ododo further stated that the institute, gallery, and museum will attract researchers, students, tourists, and culture lovers from across Nigeria and beyond. He added that the development will create opportunities, promote learning, and support the local economy.

He assured that the Kogi State Government will continue to support educational and cultural initiatives that promote unity and development.

In his address, the Vice Chancellor explained that the art gallery and museum are products of collaboration between the university and renowned cultural icon, Dr. Nike Okundaye Davies.

He thanked her for her strong support and contributions to the institution.

Akinwumi said the institute was named after her in recognition of her lifelong commitment to the promotion of art, culture, and Nigeria’s heritage.

He added that the university is witnessing rapid development through partnerships, noting that the management decided to think outside the box by working closely with private organizations and individuals.

He also appreciated the Kogi State Government for its continued support and encouragement toward the growth of the university.