The fraud cases we’ve heard against the National Social Insurance Trust Fund (NSITF), and their recent induction into the Freedom of Information (FOI) Hall of Shame, call for an urgent thorough probe of the agency. Its failure to disclose critical information to the public about their money shows a deliberate attempt to cover up ongoings within the agency, which is saddled with the responsibility of investing and reinvesting social security funds and pensions.
Events like the prosecution of the agency’s boss, Umar Abubakar, for fraud in 2017 corroborates public suspicion and the FOI saga on the corruption happening behind those glass walls. Again, earlier this year, the agency couldn’t defend a N17 billion that got missing from its coffers. That’s just one of many corrupt practices at the National Social Insurance Trust Fund.
Away from this financial mess, the agency also fairs low in staff morale, and we’ve heard stories of indiscriminate employment, causing extreme wastage to the agency’s remittances. This fund belongs to ordinary Nigerians, and we demand ultimate probity from anyone managing it. We need a deep shave of NSITF, unless we want to allow this purse to dry up, sooner than we could have expected.