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By Bimbola Oyesola
As part of its mandate to get more Nigerians into social security safety net, the Nigeria Social Insurance Trust Fund (NSITF) has renewed its commitment to strengthening and expanding its risk management framework, as part of a broader drive to enhance efficiency and effectiveness in delivering social security services across the country.
Managing director and chief executive of the fund, Oluwaseun Falaye, made this known while receiving the leadership of the Chartered Risk Management Institute (CRMI) during a courtesy visit to the NSITF headquarters in Abuja.
Falaye said NSITF is determined to build a more resilient and future-ready institution capable of safeguarding Nigerian workers and ensuring businesses understand the critical importance of social security compliance.
According to him, “Risk management is not just a technical function; it is the backbone of an institution like ours. When we strengthen our risk framework, we strengthen the safety net for millions of Nigerian workers.”
He emphasised that deeper collaboration with professional bodies such as CRMI would help broaden institutional knowledge and reinforce the Fund’s capacity to anticipate, mitigate, and address operational and systemic risks.
“We can build the understanding and sustainability required for a more resilient Fund. I see many opportunities for collaboration, particularly in expanding the capacity of our staff, whether within the risk department or across our entire system,” Falaye added.
The NSITF boss also urged the Institute to incorporate the Employees’ Compensation Scheme (ECS) into its curriculum, noting that professionals in finance, insurance, HR, and related fields must be well-equipped to understand the risks businesses face when they operate without adequate social protection for their workers.
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He stressed that “Deepening ECS knowledge is essential, because the absence of a social safety net constitutes a major risk to any business. Protecting workers is the first step in protecting productivity.”
Falaye further highlighted the need for continuous education of stakeholders, employers, and industry practitioners on the mandatory provisions of the ECS and the broader importance of workplace safety.
“Our role is to safeguard the most important asset of any organisation, which is its people. Risk management must translate to real-life protection for Nigerian workers,” he said.
Responding on behalf of the CRMI delegation, the Chief Registrar, Dr. Victor Olannye, expressed appreciation to the NSITF leadership for the warm reception and for the Fund’s contribution to the Institute’s 24th Annual International Conference.
He commended Falaye for what he described as “visible, meaningful transformation” within the Fund since his assumption of office in July 2024.
“The professionalism and transformative leadership you bring to NSITF are truly commendable. We applaud the progress you are driving and the renewed confidence you are inspiring,” Ọlaninye stated.
He reaffirmed the Institute’s readiness to partner with the NSITF in advancing national development through improved risk governance, capacity-building, and promotion of global best practices.
According to him, “CRMI stands fully prepared to collaborate with the Fund in strengthening the culture of excellence in risk management for national growth and sustainable social security delivery.”
