.Say it’s ready for probe
Onyebuchi Ezigbo in Abuja
The Nigeria Social Insurance Trust Fund (NSITF) has dismissed allegations of financial misconduct to the tune of N297 billion made against the management by a coalition of civil society organisations.
It also denied the allegations of managerial crisis and mass resignation of workers.
The management of the Fund further said that it welcomes any lawful, evidence based inquiry adding that it has nothing to conceal.
In a statement issued by Head of Corporate Affairs, Alexandra Mede, the NSITF described the story published by an online media platform as a deliberate misrepresentation of facts and lacking in merit.
The statement read, “The Management of the Nigeria Social Insurance Trust Fund (NSITF) wishes to categorically reject the allegations recently circulated by a coalition of civil society organisations, which rely on a Sahara Reporters publication dated June 4, 2026, as their primary basis.
“The NSITF considers both the publication and the demands arising from it to be without merit, and rooted in a deliberate misrepresentation of facts,” she stated.
On the allegations of financial misconduct, NSITF said that, “management finds it deeply concerning that unverified claims are being weaponised to demand the removal of principal officers of a federal institution.
It noted that the coalition itself acknowledged that the financial allegations it cited —including claims regarding multiple bank accounts and a purported N297 billion scandal —remain unproven and subject to investigation.
“The NSITF operates under statutory oversight frameworks and remains fully accountable to the relevant supervisory authorities. Management welcomes any lawful, evidence based inquiry and has nothing to conceal.
On the allegation of mass resignations and staff intimidation, she said “There has been no mass resignation at the NSITF, and there is no managerial crisis within the organisation. What occurred was a structured Voluntary Retirement Exercise (VRE), formally advertised on March 3, 2026, and open to confirmed staff in designated senior cadres — Senior Manager, Principal Manager, Assistant General Manager, Deputy General Manager, and General Manager.
“The VRE was a deliberate institutional reform initiative, informed by recommendations from a credible, independent staff audit conducted by PricewaterhouseCoopers (PwC). It offered participating staff voluntary exits with full financial benefits attached.
“The exercise was subsequently extended following approval by the Management Board at its 83rd meeting on April 28, 2026. Every exit recorded was voluntary, incentivised, and processed in strict accordance with the terms of the exercise, extant Public Service Rules and applicable labour laws.
“To characterise this structured, transparent exercise as “hundreds of staff resigning amid intimidation” is factually incorrect and constitutes irresponsible journalism.
“Management finds it equally troubling that civil society organisations, whose mandate is the pursuit of truth and accountability, would lend their platforms to what amounts to an unsubstantiated smear campaign against a federal government institution.
“The NSITF maintains established channels for staff grievances through its Human Resource Management Department, and no credible complaints of victimisation or administrative high-handedness have been substantiated.
On the demand for removal of the Managing Director/Chief Executive and the Board Chairman, the statement maintained that the coalition’s calls “are not grounded in established fact.”
It said that under the leadership of Faleye, the Fund has recorded measurable improvements across every sphere of service delivery, including expanded coverage and enhanced operational efficiency.
“These outcomes are wholly inconsistent with the portrait of institutional dysfunction being advanced by the coalition.
Management respectfully urges the relevant authorities and the Nigerian public to assess these allegations against the available evidence before drawing conclusions.
“In the same spirit of accountability the coalition invokes, Management also calls on the appropriate regulatory bodies to strengthen oversight of civil society organisations to ensure that their activities remain anchored in verified facts and the public interest.
“The NSITF reaffirms its commitment to transparency, accountability, and the welfare of Nigerian workers — the very values it was established to uphold. Management will continue to engage stakeholders openly and responsibly, and calls on all parties to prioritise factual accuracy in public discourse concerning a federal institution of this importance,” the management said.
