ABUJA — A massive financial scandal has sent shockwaves through the Nigeria Social Insurance Trust Fund (NSITF), following explosive allegations that the agency’s Chief Executive Officer has bypassed all federal financial regulations to grant themselves a “no approval limit” over a staggering ₦297 billion fund.
Investigation into the agency’s fiscal operations has uncovered a labyrinth of financial irregularities, including the operation of over 100 bank accounts all curiously linked to a single Bank Verification Number (BVN). The revelation has triggered a fresh wave of outrage over what activists are calling “systemic treasury looting” at a time when millions of Nigerians are struggling with unprecedented economic hardship.
The ‘No Limit’ Power Grab
According to leaked internal documents, the CEO allegedly dismantled the existing board-approved spending thresholds, effectively centralising the power to disburse billions without the mandatory oversight of the Bureau of Public Procurement (BPP) or the Federal Executive Council (FEC).
“This is a level of fiscal rascality that we haven’t seen in a long time,” a source within the agency, speaking on condition of anonymity, revealed. “By operating over 100 accounts tied to one BVN, the trail of where the ₦297 billion is going becomes almost impossible to track without a full forensic audit.”
A Contrast of Realities: ₦297bn vs. ₦1,000 Petrol
The NSITF scandal arrives as a bitter pill for a populace already reeling from the President Bola Ahmed Tinubu-led administration’s austerity measures:
- The Hunger Gap: While billions are allegedly being moved through “limitless” accounts, petrol is nearing ₦1,000 per litre and the national debt has surged to ₦152 trillion.
- The ‘Almajirization’ Fear: Advocates like Solomon Dalung and Rinu Oduala have pointed to such scandals as proof that the vanishing middle class is being sacrificed to fund the unchecked excesses of the political elite.
Judicial and Legislative Pressure
The NSITF discovery coincides with other high-profile accountability battles:
- The Malami Trial: The ongoing terrorism financing trial of former AGF Abubakar Malami has already set a precedent for prosecuting “sacred cows.”
- The Electoral Protest: Just today, Mr Peter Obi joined protesters at the National Assembly to demand electoral reforms, with many asking why the government cannot “afford” electronic voting but can allow ₦297 billion to be managed without limits.
- The US Ultimatum: A U.S. Judge’s final ultimatum for the release of President Tinubu’s criminal records has further intensified the demand for transparency at the highest levels.
Silence from the Ministry of Labour
As of Monday evening, February 9, 2026, the Federal Ministry of Labour and Employment, which oversees the NSITF, has not issued a formal response to the “no approval limit” allegations. However, sources within the Economic and Financial Crimes Commission (EFCC) suggest that a preliminary investigation into the 100+ bank accounts is already underway.
The “villa peace” brokered between Wike and Fubara suggests a tightening of the ruling party’s grip, but scandals like the NSITF ₦297bn fund are making it increasingly difficult for the administration to sell its message of “national sacrifice” to a hungry and angry populace.
