NSITF: FG approves reconstitution of board, approves Dr Michael Akabogu as MD

President Muhammadu Buhari has approved Dr Michael Akabogu as the Managing Director of the Nigeria Social Insurance Trust Fund (NSITF) after a series of scandals rocked the agency last year.

The Presidency disclosed this in a statement on Monday.

What they are saying

“President Buhari has approved the appointment of Dr Michael Akabogu as the new Managing Director of the Nigeria Social Insurance Trust Fund, NSITF. The President has also approved the reconstitution of the NSITF Management Board,” the statement issued via the Presidency’s official Twitter handle, read.

What you should know

Nairametrics reported last year that President Muhammadu Buhari approved the indefinite suspension of the ex-Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Mr Adebayo Somefun, and three Executive Directors of the government agency over corruption allegations.

Minister of Labour and Employment, Chris Ngige, accused the suspended management of the NSITF of misappropriating N48 billion.