NHIS — N90.4m insider contracts and N25bn idle-fund investment under Usman Yusuf
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What happened
Former NHIS Executive Secretary Prof. Usman Yusuf was arraigned by the EFCC on five counts of fraud totalling N90.4m: approving a N49.2m vehicle purchase against a N30m budget; awarding a N10.1m training contract to GK Kanki Foundation (for 90 participants when only 45 were trained); and awarding a N17.5m media/PR consultancy to Lubekh Nigeria Ltd, owned by his nephew, without due process. Yusuf pleaded not guilty and was remanded in Kuje prison in January 2025 pending bail. Separately, Premium Times reported he directed the investment of N25bn in NHIS 'idle funds' with Cowry Asset Management in five tranches after his 2018 reinstatement, allegedly relying on a ministerial approval that had been withdrawn — an allegation, not a court finding.
Red flags
Analytical observations against standard procurement-integrity patterns — not accusations.
Analytical observation: the EFCC charges allege awards to a foundation in which the CEO held private interest and to a company owned by his nephew — direct conflict-of-interest red flags. Allegations; Yusuf pleaded not guilty (The Sun; Free Library, Jan 2025).
Analytical observation: the vehicle purchase at N49.2m against an appropriated N30m budget is a budget-ceiling breach — a simple, checkable procurement red flag (The Sun).
Analytical observation: Premium Times reported the N25bn investment proceeded on the basis of an original approval letter while ignoring a subsequent withdrawal letter — an authority-to-commit red flag. Allegation attributed to Premium Times via nairaland (2018).
Sources
A rabbit hole where every click reveals deeper connected corruption. Every thread connects — follow one.