BY UCHECHI OKPORIE
The Nigeria Social Insurance Trust Fund (NSITF) has strongly refuted recent allegations of financial misconduct directed at its Managing Director and senior leadership, describing the claims as unfounded and part of a broader attempt to discredit the organisation.
In an official statement responding to reports circulating widely on social media, NSITF management said the accusations were “false, malicious, and unsupported by verifiable facts,” and suggested they were designed to undermine internal reforms aimed at improving governance and service delivery.
The statement assured both Nigerian workers and the public that all funds under NSITF’s stewardship remain secure and are being managed in strict accordance with statutory financial regulations that govern public institutions.
It reaffirmed that financial controls, internal and external audits, and oversight mechanisms are in place and functioning.
Addressing specific claims about improper use of bank accounts and approval authority, the Trust Fund clarified that all funds are held in official accounts and processed through established controls.
It also noted that multiple bank accounts linked to a single identifier do not in themselves indicate wrongdoing, and that regulatory frameworks—such as those enforced by the Central Bank of Nigeria already govern such matters.
NSITF’s leadership dismissed suggestions that the Managing Director could unilaterally approve unlimited expenditures, stressing that all public financial management practices are subject to statutory limits and oversight.
All payments to vendors and contractors, it said, comply with Nigeria’s Public Procurement Act.
The Fund attributed the spread of negative reports to resistance from interests affected by its ongoing reforms, which include automation, debt recovery efforts, and governance improvements and insisted it remained committed to transparency and accountability.
It also welcomed any lawful investigative review by relevant government oversight bodies.
