NSITF Rejects N297 Billion Fraud Allegations, Calls for Evidence-Based Probe

The Nigeria Social Insurance Trust Fund (NSITF) has strongly denied allegations of financial misconduct and a managerial crisis, dismissing claims of N297 billion fraud and mass resignations. The fund's management described a recent publication and demands by a coalition of civil society organizations as a deliberate misrepresentation of facts lacking merit.

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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.

Regarding the financial allegations, NSITF expressed concern that unverified claims are being used to push for the removal of its principal officers. The fund noted that the civil society coalition itself acknowledged the financial claims, including those about multiple bank accounts and a purported N297 billion scandal, remain unproven and subject to investigation. NSITF emphasized its operation under statutory oversight and accountability to relevant authorities, welcoming any lawful, evidence-based inquiry.

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The NSITF considers both the publication and the demands arising from it to be without merit, and rooted in a deliberate misrepresentation of facts.

Concerning claims of mass resignations and staff intimidation, NSITF clarified that a structured Voluntary Retirement Exercise (VRE) took place. This exercise, advertised on March 3, 2026, was open to senior staff and was part of institutional reforms informed by an independent staff audit by PricewaterhouseCoopers (PwC). Participants received full financial benefits. The VRE was extended following board approval on April 28, 2026, with all exits being voluntary and processed according to rules and labor laws. NSITF characterized the description of this exercise as "hundreds of staff resigning amid intimidation" as factually incorrect and irresponsible journalism.

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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.