EFCC, NSITF Join Forces in Management of Funds

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has assured the Nigeria Social Insurance Trust Fund, NSITF enhanced collaboration and involvement in the management of its fund. 

 He gave the assurance in Abuja on Thursday, March 20, 2025 when the management of NSITF, led by its Managing Director and Chief Executive Officer, Mr. Oluwaseun Faleye paid him a courtesy visit at the Commission’s corporate headquarters.

“We will continue to collaborate with you, particularly in the area of the management of funds, which has to be done in the most transparent and accountable manner. That is what we are here for. We need to let you know some of the things we have discovered in the course of our investigation so that going forward, you will not make the mistake of your predecessors”, he said. 

Earlier in his remarks, Faleye disclosed that his team was in the Commission to formally introduce and make advocacy for the Employer Compensation Scheme, ECS, a social security initiative that enhances employees’ welfare and protection. He stressed that the NSITF needed a more robust engagement with the EFCC to avoid the pitfalls of the past and demonstrate a new dawn of transparency and accountability in the Fund.

 “I am mindful of the perception out there about our organization due to past infractions. I know for a fact that the EFCC has had cause in the past to investigate one infraction or the other in NSITF, so I think that engaging with EFCC will show our forthrightness. It would put us out there that we're really now committed to some level of transparency and corrupt-free processes either by way of procurement or in our financial dealing generally,” he said.

While soliciting the deepening of collaboration between the two agencies of the government, Faleye emphasized the need for intelligence sharing and EFCC’s hand in NSITF’s capacity building.

“Another reason why we're here is in terms of deepening the collaboration between NSITF and EFCC in terms of information sharing. We feel that there should be synergy in data sharing. For example, EFCC’s insights on fraudulent claims and non-compliance can help us as we target much more compliance and of course most importantly capacity building. Capacity building to help us develop in-house capacity to prevent fraud and corruption, bring it to the fore and leave it to the professionals who can deal with them”, he said.

“I also wish to strongly appeal to the Chairman and the management of EFCC to please adopt the Employee Compensation Scheme, ECS not only because it's mandated by law, but for the benefit of each and every member of the staff,” he said.

 Responding to the appeal on ECS, EFCC’s Director, Administration and Human Resources, Mr. Peter Gbarufu disclosed that the Commission has compiled with the Scheme, stipulated under the Employee Compensation Act 2010 by officially subscribing to it. “We have complied by way of registering and we have been in touch with your staff in this regard,” he said.