The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Mayomi Faleye, has been accused of diverting over ₦240 billion to allegedly support the 2027 Lagos State governorship ambition of Hakeem Muri-Okunola, Principal Private Secretary to President Bola Tinubu.
Multiple sources familiar with the matter alleged that Faleye was appointed to head the NSITF through the influence of Hakeem Muri-Okunola, who is reportedly positioning himself for the Lagos governorship race in 2027.
According to the sources, petitions were submitted to the Economic and Financial Crimes Commission (EFCC) over the alleged diversion of funds, leading to Faleye being invited for questioning. However, insiders claim the investigation is facing pressure from powerful political interests.
A senior NSITF official, who spoke on condition of anonymity, alleged that Faleye frequently boasts of enjoying “Presidential backing,” which has emboldened him to allegedly sidestep financial regulations and internal governance structures.
“He openly boasts that he has the full backing of the Presidency and says nothing will happen to him,” the source claimed.
The source further alleged that Hakeem Muri-Okunola has been meeting with senior EFCC officials to ensure that the petition against Faleye is dropped. Another insider alleged that when concerns over financial irregularities were brought to Muri-Okunola’s attention, he reportedly acknowledged that the situation was difficult to defend.
Beyond the alleged financial diversion, sources described what they termed a pattern of systemic disregard for statutory governance procedures at the NSITF under Faleye’s leadership.
One source alleged that Faleye routinely bypasses the agency’s Management Board, contrary to provisions of the NSITF Act, which stipulate that expenditures must receive board approval. Procurement processes were also said to have been conducted outside established legal guidelines.
The NSITF manages social insurance contributions designed to protect Nigerian workers against employment-related risks, making the allegations particularly significant.
When contacted, Faleye said he was unaware of any petition against him or any invitation by the EFCC. The EFCC spokesperson, Dele Oyewale, said he would confirm from the agency’s investigation department but had yet to respond as of the time of filing this report.
Earlier reports had also alleged that Faleye operated more than 100 bank accounts linked to a single Bank Verification Number (BVN) and granted himself extensive spending powers without board oversight.
Documents and bank records cited by sources allegedly show inflows totaling over $7.3 million into accounts linked to Faleye and associated entities, excluding naira-denominated transactions amounting to hundreds of millions.
“These are not small transfers. The volume, frequency, and structuring suggest deliberate efforts to move and possibly conceal funds,” a source familiar with the documents alleged.
As of press time, the claims remain allegations, and no official findings have been publicly released by the EFCC.
he transactions listed include: Faleye Oluwaseun Mayomisola, GTBank USD Account 0111206422 – $336,917.00
Faleye Oluwaseun Mayomisola, GTBank USD Account 0004754113 – $6,743,421.00
Faleye Oluwaseun Mayomisola, GTBank NGN Account 0004754096 – ₦291,182,605.00
Fides & Fiducia Client Account, Access Bank NGN Account 0718896883 – ₦584,950,000.00
Fides & Fiducia, Access Bank USD Account 0690403396 – $626,279.00
Fides & Fiducia, Zenith Bank NGN Account 1013806407 – ₦93,757,500.00
Pluschess Limited, Zenith Bank USD Account 071315271 – $20,000.00
Faleye Oluwaseun Mayomisola, GTBank USD Account 3001101016 – $75,558.00
The total dollar inflow alone is estimated at over $7.3 million, excluding naira-denominated transactions.
