The Association of Senior Staff of Banks, Insurance, and Financial Institutions, ASSBIFI and The National Union of Banks, Insurance and Financial Institution Employees, NUBIFIE (NSITF Domestic Unit) dismissed the corruption allegations against the Managing Director/Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Barr. Oluwaseun Mayomi Faleye circulating on social media, describing the allegations as absolute falsehoods, created to misinform the public and discredit the organization and its leadership.
A report by Sahara Reporters had claimed misappropriation and diversion of Funds by the NSITF Chief and entities reportedly associated with him.
In response to what they called “baseless and spurious” allegations against the NSITF boss, the association passed a vote of confidence in a statement jointly signed by its President, Comrade Bala Tijani, and General Secretary, Comrade Godwin Ekpah. This was further expressed during the Congress held in Abuja at the Headquarters of NSITF on February 12, 2026.
During the Congress, Comrade Tijani addressed the Congress and provided an update on staff welfare. He praised Barr. Faleye for his significant achievements since his appointment by President Bola Tinubu on July 13, 2024, as the Managing Director/Chief Executive. He encouraged staff members to remain dedicated to their jobs, emphasizing that more improvements in their welfare and policies aimed at repositioning the Fund are on the horizon.
In the same vein, Comrade Abdul Usman who represented the members of NUBIFIE affirmed the strategic and goal oriented efforts of the MD/CE.
The Associations urged the NSITF MD/CE not to be distracted by critics or unfounded corruption allegations from anonymous individuals. They unanimously passed a vote of confidence on Barr. Oluwaseun, recognizing his competence, professional management, and commitment to good corporate governance.
The statement reads:
Our attention has been drawn to a dishonest, desperately concocted and misleading publication currently circulating online, particularly on WhatsApp and other social media platforms, falsely alleging impropriety against NSITF and defaming its Managing Director/Chief Executive, Barr. Oluwaseun Mayomi Faleye.
The publication attributed to Sahara Reporters is clearly intended to misinform the public and bring the organization and its leadership into disrepute through fabricated claims.
For avoidance of doubt, Barr. Faleye has led the operation of NSITF on the basis of Good Corporate Governance that is in line with the NSITF Act and Federal Financial Regulations since his appointment as MD/CE, on 13th July 2024.
It is modest to state that the operations of NSITF have significantly improved with the strategic efforts of the current Exco Management led by Barr. Faleye. In this short while, the Managing Director has been able to reinforce the core values of the Fund in terms of Transparency and Accountability, Professional Management and Good Corporate Governance, Human Capital Development, Secured Investment, Social Responsibility and Advocacy without disregard for regulatory hierarchy.
As a relevant stakeholder that diligently seeks due process and promotes the socio-economic welfare of the Staff of NSITF, we wish to state without equivocation that the current Exco Management has demonstrated work empathy and run an open-door policy where discussions and decisions are reached based on merit.
There is no doubt that NSITF had struggled in the past based on workers’ contributions to the Fund due to a lack of Management will and penetration, but Barr. Faleye has been able to deploy effective methodologies to attract more contributions to the Fund.
The content of the publication is a reckless distortion of facts, propelled by ulterior motives and disgruntled persons who permanently act as saboteurs.
It is worth mentioning the following achievements by the Barr. Faleye led Exco Management so that we can be guided.
- Implementation of policies to enhance staff welfare and the legislative framework of the Fund.
- Prompt payments of statutory claims and compensation.
- Deployment of tact and strategic efforts towards pursuing and achieving effective Exco Management Compliance Activities leading to improved contribution.
- Promotion of a safe workplace intervention programme via the Occupational Safety and Health Environment.
- Active participation of Trainings/Workshop for all staff. This includes Mandatory Continuing Development Programmes, both locally and internationally.
- Promotion of the Fund’s core values and the Federal Public Service Rules.
- Engagement of a professional consulting firm to (Price Waterhouse Coopers) to address lingering staff career progression issues.
- Setting up a team of expertise within the Fund to review the staff conditions of service.
- Establishment of Disaster Management Committee to address issues of contingencies.
- Promotion of the collective bargaining principle, which has enhanced Labour/Management Relations so as to sustain industrial peace.
The MD/CEO has indeed shown that with the right internal and external support and cooperation, he has the potential to reposition NSITF to its deserving height.
Therefore, we are resolved to show our unalloyed support for Barr. Faleye won’t fold our hands to allow any desperate attempt to derail the progress the Fund is making under his leadership.
While NSITF operates within a strict framework of accountability and remains committed to transparency and service improvement, the union will not tolerate coordinated disinformation campaigns aimed at undermining public confidence and tarnishing the Fund’s corporate integrity.
NSITF remains steadfast in its mandate to provide social Security Protection and Safety Nets for all Nigerian Workers while upholding the highest standards of corporate governance and customer excellence.
Members of the public are advised to disregard the false publication in its entirety, and we call on well-meaning Nigerians to rise against petty and desperate individuals who are bent on crashing public institutions and tarnishing the integrity of industrious individuals for their selfish gains.
Conclusively, the publication of Sahara Reporters is rebutted in full.
