EXCLUSIVE: NSITF Managing Director Faleye Accused Of Diverting Funds To Sponsor Lagos Governorship Ambition Of Tinubu's Ally As EFCC Probe Drags

Beyond the alleged financial diversion, sources described a pattern of systemic disregard for statutory governance procedures at NSITF under Faleye’s leadership.

The Managing Director/Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Mayomi Faleye, has been accused of diverting over ₦240billion to fund the 2027 Lagos State governorship ambition of Hakeem Muri-Okunola, the Principal Private Secretary (PPS) to President Bola Tinubu.

Multiple sources familiar with the development told SaharaReporters that Faleye was allegedly installed as NSITF boss through the influence of Hakeem, who is said to be positioning himself for the Lagos governorship race in 2027.

According to the sources, the alleged diversion of funds triggered petitions to the Economic and Financial Crimes Commission (EFCC), prompting invitations to Faleye for questioning.

However, the investigation is now said to be facing intense pressure from powerful political interests.

A senior official at NSITF, who spoke on condition of anonymity, told SaharaReporters that Faleye frequently boasts of enjoying “Presidential backing,” a claim that has emboldened him to allegedly flout financial regulations and internal governance structures.

“What gives him the confidence to do this? He openly boasts that he has the full backing of the Presidency,” the source said.

“He says nothing will happen to him.”

The source added that Faleye’s claims have raised serious concerns within the agency about what exactly he means by “the Presidency,” and whether such backing is real or merely self-proclaimed.

Further revelations suggest that the EFCC’s investigation may have been deliberately stalled.

A top source told SaharaReporters that Faleye was invited by the anti-graft agency over petitions bordering on the alleged mismanagement of billions of naira, but efforts were immediately made to suppress the probe.

“Let me tell you, Faleye has been invited by the EFCC over a petition involving billions of naira he mismanaged,” the source said. “And Hakeem is going round to meet top officials at the EFCC to ensure the petition is dropped.”

Another insider claimed that when alleged financial loopholes and irregularities at NSITF were brought to the attention of the President’s Principal Private Secretary, he reportedly acknowledged that the situation was indefensible.

“When the loopholes were shown to Hakeem, he confirmed that the whole thing had been messed up,” the source said.

According to the source, Hakeem allegedly admitted to EFCC officials that the scale of the alleged diversion could not be justified.

“Hakeem himself confirmed to EFCC officials that the whole charade is messed up, that there is no way they can defend the looting of workers’ funds,” the source alleged.

Beyond the alleged financial diversion, sources described a pattern of systemic disregard for statutory governance procedures at NSITF under Faleye’s leadership.

One source said Faleye routinely bypasses the Management Board, in direct violation of the NSITF Act.

“The downside is this: he completely disregards the existing governing structure,” the source said. "He does not follow the management approval process. Specifically, he bypasses the Management Board approval process, which clearly stipulates that no money should be spent without the approval of the governing board.”

The source further explained that procurement processes are allegedly carried out outside laid-down rules, despite clear legal provisions.

“Procurement must not be carried out outside the laid-down process. In fact, the general control of the fund by the board covers every aspect of its operations. This is expressly stated in a particular section of the Act,” the source added.

The NSITF manages social insurance contributions meant to protect Nigerian workers against employment-related risks, making the allegations particularly grave.

When SaharaReporters contacted the NSITF

Chief Executive Officer, Faleye, he said he was not aware of the petition or being invited by EFCC.

SaharaReporters also reached out to the EFCC spokesperson, Dele Oyewale, who said, “Let me check with our investigation department. I will get back to you.”

However, as of the time of filing this report, no response had been received.

SaharaReporters previously reported that Faleye is accused of operating more than 100 bank accounts linked to a single Bank Verification Number (BVN) and granting himself “unlimited spending powers” to siphon and misappropriate funds belonging to Nigerian workers.

Multiple internal documents, bank records, and testimonies obtained by SaharaReporters allege that Faleye unilaterally conferred these powers on himself and authorised the disbursement of hundreds of billions of naira belonging exclusively to Nigerian workers, without lawful approval, board oversight, or adherence to federal financial regulations.

In a separate document exclusively obtained by SaharaReporters, investigators traced alleged inflows of millions of dollars and hundreds of millions of naira into bank accounts linked directly to Mr. Faleye and entities reportedly associated with him.

The 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.

“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 said.

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