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By Henry Uche
The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye, has disclosed that the Fund had successfully processed and paid claims to 103,292 beneficiaries as of July 2023. Among these beneficiaries were 111 individuals who received prosthetics. Faleye said that ensuring the safety and well-being of employees, reducing workplace accidents, and enforcing compliance with legal standards remain central to his administration’s priorities.
Faleye made these remarks in Lagos during a two-day retreat for the Senate and House Committees on Labour, Employment, and Productivity. The retreat, themed “Building a Stronger NSITF,” was aimed at sensitising stakeholders, fostering strategic planning, and encouraging collaborative problem-solving to revitalise and optimise the Fund’s operations.
The NSITF, under Faleye’s leadership, is committed to not only fulfilling its mandate of paying out compensations but also actively promoting workplace safety through Occupational Safety and Health (OSH) activities. To date, over 25,000 registered employer entities have benefited from the Fund’s OSH initiatives. Additionally, the NSITF is actively involved in the amendment process of the National Safety and Health Council Bill at the National Assembly.
Faleye saidd the NSITF’s mission is aligned with international standards such as those set by the International Labour Organisation. (ILO) and the International Social Security Administration (ISSA). He underscored that the Fund is not a revenue-generating agency but a trustee tasked with managing funds to protect Nigerian workers through the Employees’ Compensation Scheme (ECS), established under the Employees’ Compensation Act of 2010.
“We are acutely aware of the evolving demands of our time, which require us to rethink and strengthen this institution. Our mission is clear: to confront and overcome the challenges that have hindered the NSITF’s full potential and to pave the way for a more transparent, efficient, and resilient system. We envision a future where the NSITF stands as a model of excellence, transparency, and resilience,” Faleye stated.
To further enhance compliance and broaden its impact, the NSITF has engaged the office of the Secretary to the Government of the Federation to issue a circular mandating all Ministries, Departments, and Agencies (MDAs) to comply with the Federal Executive Council’s approval for a 1% Employees’ Compensation Scheme deduction from their budgets. This directive is part of the Fund’s broader advocacy efforts to build a culture of proactive participation in social security.
Faleye also revealed that under his administration, the Fund is focused on ensuring long-term financial sustainability by enhancing risk management practices and improving service delivery to meet the evolving needs of beneficiaries while maintaining transparency and accountability.
In support of these efforts, Senator Diket Satso Plang, Chairman of the Senate Committee on Employment, Labour, and Productivity, expressed optimism about the retreat’s outcomes. He emphasized that the retreat provided committee members with valuable insights into the operations and challenges of the NSITF, enabling them to perform their oversight functions more effectively.
“This retreat is crucial because it allows us to gain a thorough understanding of the NSITF’s operations. With this knowledge, we can better perform our oversight functions, ensuring that the Fund remains stable, progressive, and capable of achieving its goals,” Senator Plang stated.
Similarly, Hon. Adegboyega Adefarati, Chairman of the House Committee on Employment, Labour, and Productivity, commended Faleye for his leadership and urged him to accelerate the full automation of NSITF operations to take advantage of artificial intelligence and other digital enablers.
“We have confidence in Mr. Faleye’s ability to lead the NSITF to greater heights. Automation is key, and with the cooperation of the Senate Committee, we are ready to support any necessary amendments to the Act to facilitate this,” Adefarati assured.
As the NSITF continues on its path to transformation, the backing of the National Assembly offers a hopeful outlook for the future of Nigeria’s social insurance system.
