EFFC: Former NSITF Chair Ngozi Olejeme Docked for N1 Billion Money Laundering

The Economic and Financial Crimes Commission (EFCC) has officially arraigned Dr. Ngozi Olejeme, the former Chairman of the Board of the Nigeria Social Insurance Trust Fund (NSITF), before the Federal High Court in Abuja, to face serious charges bordering on financial misconduct and illicit transactions. She appeared before Justice Emeka Nwite on Wednesday, October 8, 2025, to answer to an eight-count charge. The core of the charges revolves around money laundering, the conversion, transfer, and illegal possession of funds suspected to be proceeds of unlawful activities, totaling an alarming N1 billion.

Dependable NG reports that this arraignment marks a significant step in the long-running investigation into the alleged massive diversion of public funds at the NSITF during her tenure between 2009 and 2015. The reporter for Dependable NG understands that the NSITF is the government agency responsible for managing the Employees’ Compensation Scheme (ECS), and any alleged diversion of its funds directly impacts the welfare and social security of Nigerian workers. The EFCC’s case, which it states is supported by strong evidence and witnesses, alleges that Olejeme systematically utilized her position to divert and conceal funds belonging to the agency through proxy companies.

One of the principal counts details a highly specific financial manoeuvre, alleging that in February 2012, while she was still the NSITF board chairman, Olejeme indirectly converted the sum of N321.6 million. These funds were allegedly paid into the Sterling Bank account of a company known as Adin Miles International Ltd, with the prosecution asserting that she was fully aware the money constituted proceeds from an illegal activity. This action, according to the EFCC, contravenes Section 15(2)(b) and is punishable under the provisions of the Money Laundering (Prohibition) Act, 2011 (as amended). Furthermore, the anti-graft agency levied an additional accusation, stating that the former chairman also procured one Chuka C. Eze to convert a substantial amount of $2 million into naira, which was then paid into the account of the same Adin Miles International Ltd, on the knowledge that these foreign funds were also proceeds of crime.

When the eight-count charge was read out to the defendant in court, Dr. Olejeme entered a plea of not guilty. Following this, the prosecuting counsel for the EFCC, Emenike Mgbemele, informed the court that the anti-graft commission was prepared to move forward immediately and requested a trial date, confirming that the agency has lined up a total of 14 witnesses ready to testify against the former chairman. However, the defence counsel, Emeka Ogboguo (SAN), quickly drew the attention of the court to a pending bail application filed on behalf of his client, urging Justice Nwite to grant her bail pending the commencement of the full trial. After listening to the arguments, Justice Nwite granted the prayer for temporary relief by releasing the defendant to her counsel, Emeka Ogboguo, SAN, as a custodian. The matter was then officially adjourned to November 17, 2025, for the court to hear the formal application for bail.