An Abuja-based non-governmental organisation, Almushahid Initiative for Transparency and Accountability (AITA) has petitioned the Economic and Financial Crime Commission (EFCC) to investigate the managing director of the Nigerian Agricultural Insurance Corporation (NAIC) over allegations of criminal conspiracy, intimidation, abuse of office, and the diversion of public funds.
Although the NAIC’s management has yet to comment, the petition alleged that the managing director and his former aide operated a coordinated syndicate within NAIC for personal enrichment and institutional subversion.
AITA, in a petition sighted by LEADERSHIP, alleged that Mr. Funsho 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 managing director.
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.
The petition alleged that among the payments under scrutiny is a 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 financial recklessness under the managing director.
AITA also urged the EFCC to investigate 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, for which N300 million was purportedly allocated for the project, and the structure is allegedly stalled at lintel level.
In the petition, AITA also alleged that the managing director 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.
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.
