By Cecilia Ogezi
An Abuja-based non-governmental organisation, Almushahid Initiative for Transparency and Accountability (AITA) has filed a formal petition to the Economic and Financial Crime Commission (EFCC) against the Managing Director of the Nigerian Agricultural Insurance Corporation (NAIC), Mrs. Folashade Joseph, over grave allegations bordering on criminal conspiracy, intimidation, abuse of office, and the diversion of public funds.
The petition, which also names Mr. Funsho Olumoko, former Personal Assistant to the MD, and several others, accused the individuals of operating a coordinated syndicate within NAIC for personal enrichment and institutional subversion.
According to AITA’s statement, Mr. Olumoko, who officially resigned his position at NAIC following his appointment as Chairman of the Governing Board of the Federal University of Education, Pankshin, Plateau State, has continued to function in his previous capacity as Personal Assistant to the MD. The organisation described this as a flagrant abuse of office and conflict of interest.
AITA further alleged that Mr. Olumoko maintains vested interests in several companies including Conlek Enterprise Ltd, Saffi Ltd, Rhaffam Sam Ltd, Kobavi Ltd, Babsafo Ltd, and Torial Ltd—corporate entities reportedly used as conduits for inflated contracts and fraudulent payments. These companies, it claimed, were instrumental in facilitating the misappropriation and diversion of public funds by Mrs. Joseph and her associates.
Among the payments under scrutiny is a staggering N964.6 million allegedly spent on questionable supplies of computer accessories, including laptops and A4 paper. The NGO also cited a N78 million purchase of a Land Cruiser Jeep in 2021, supposedly procured for NAIC’s Lagos office, as another case of financial recklessness under Mrs. Joseph’s leadership.
Additionally, AITA highlighted the controversial renovation of NAIC offices in Borno and Niger States, which reportedly cost N2 billion, as well as the uncompleted NAIC building in Lokoja, Kogi State. Although N300 million was purportedly allocated for the project, the structure is allegedly stalled at lintel level.
Equally troubling, AITA alleged that Mrs. Joseph facilitated the purchase of 16 Foton pick-up trucks and allocated them to four private companies without seeking the necessary board approval, in clear violation of the Public Procurement Act, 2007.
In another instance, a supposed sensitisation programme allegedly organised by the NAIC MD was said to have consumed a questionable sum of N1.5 billion. Furthermore, the organisation claims that funds were siphoned from the corporation’s treasury under the pretext of staff training between October and November 2024.
The petition also accused Mrs. Joseph of using one Nelson Oluomoje to extort money from unsuspecting NAIC staff. Oluomoje is alleged to be the owner of SIFN Logic Ltd, one of the firms linked to fraudulent financial transactions within the agency.
AITA further claimed that Mrs. Joseph purchased a property valued at N250 million, located at No. 9 Tahil Estate, Idu, Abuja, using the name of her brother, Tokunbo Omoniwa, to conceal ownership.
The NGO said the financial mismanagement under Mrs. Joseph’s leadership has depleted the corporation’s treasury to the extent that staff salaries can no longer be paid. Two suspicious withdrawals totalling over N81 million were allegedly traced to a Zenith Bank account belonging to Regent Construction Limited.
The petition concluded with a call for the immediate arrest and prosecution of those implicated in what AITA described as “monumental and humongous corruption” in NAIC. It also expressed concern that the accused individuals have boasted of immunity from investigation, claiming to have loyalists embedded in key anti-graft agencies.
Efforts to reach NAIC’s management for comment were unsuccessful as of press time.
