The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Mayomi Faleye, has been accused of allegedly diverting more than ₦240 billion to bankroll the reported 2027 Lagos State governorship ambition of Hakeem Muri-Okunola, the Principal Private Secretary to President Bola Tinubu.
Sources familiar with the matter told SaharaReporters that Faleye was allegedly appointed as NSITF boss through the influence of Muri-Okunola, who is believed to be positioning himself for the Lagos governorship race. The alleged diversion of funds reportedly led to petitions submitted to the Economic and Financial Crimes Commission (EFCC), resulting in Faleye being invited for questioning.
However, insiders claim the investigation has come under heavy pressure from powerful political interests, with attempts allegedly made to stall or suppress the probe.
A senior NSITF official, who requested anonymity, said Faleye often claims to enjoy “presidential backing,” a claim that has allegedly emboldened him to disregard financial regulations and internal governance processes within the agency. The source added that these claims have raised serious concerns among staff about whether such backing is genuine or self-proclaimed.
Further accounts suggest that Faleye was questioned by the EFCC over petitions related to the alleged mismanagement of billions of naira, but efforts were quickly made to halt the investigation. Another source alleged that Muri-Okunola had approached senior EFCC officials to ensure the matter was dropped.
According to insiders, when alleged financial irregularities at the NSITF were brought to Muri-Okunola’s attention, he reportedly admitted that the situation was difficult to defend, allegedly acknowledging that the scale of the alleged diversion could not be justified.
Beyond the financial allegations, sources also accused Faleye of routinely bypassing statutory governance structures at the NSITF, including ignoring the Management Board’s approval process, in violation of the NSITF Act. It was further alleged that procurement procedures were frequently carried out outside legally prescribed processes.
The NSITF manages social insurance contributions meant to safeguard Nigerian workers against employment-related risks, making the allegations particularly serious.
When contacted, Faleye denied knowledge of any petition or EFCC invitation. The EFCC spokesperson, Dele Oyewale, said he would confirm from the investigation department but had not responded as of the time of filing the report.
SaharaReporters also referenced previous allegations against Faleye, including claims that he operated over 100 bank accounts linked to a single BVN and granted himself extensive spending powers without board approval. Documents and bank records allegedly traced millions of dollars and hundreds of millions of naira to accounts linked to Faleye and related entities, with total dollar inflows estimated at over $7.3 million, excluding naira transactions.
