NSITF Fast-tracks Compensation, Pays 22,350 Claims in 2024

Onyebuchi Ezigbo in Abuja

As part of efforts at repositioning and restructuring operations of the Nigeria Social Insurance Trust Fund, (NSITF), the Fund’s management said it has recorded significant progress in several areas.

A statement signed by Deputy General Manager and head Corporate Affairs Department, NSITF, Alexandria Mede, said the reforms have resulted in an unprecedented settling of 22,350 claims in 2024 only.

She said since the appointment of Oluwaseun Faleye as the managing director of NSITF, he has taken NSITF to greater heights.

Her words: “Apart from initiating series of actions and programmes aimed at achieving his goal for a better social welfare service delivery in Nigeria, Faleye has significantly expanded the scope of the social insurance scheme to cover the informal sectors.

“One of such initiatives is the motivation and upskilling of the Fund’s workforce through improved welfare package, training and retraining. Mr. Seun Faleye believes that a well-motivated staff is essential to the success of the organisation.

“The MD has strengthened stakeholders’ engagement by bringing stakeholders representing employers, labour and government together at many fora organized by the Fund to promote synergy and transparency and better acquaint stakeholders with the operations and mandate of the Fund.

“Such stakeholders’ engagements have yielded positive results with some elected legislators facilitating NSITF’s community engagements in their constituencies,” she said.

In addition, Mede said the Digitisation and mordenization of the operations of the Fund is one innovation introduced by Faleye to ensure efficiency, better accessibility, promote responsiveness and align the Fund’s operation with global best practices.

“Seun Faleye was appointed the Managing Director of Nigeria Social Insurance Trust Fund, NSITF by President Bola Ahmed Tinubu on the 13th of July, 2024.

“Upon his assumption of office, Barr. Faleye vocalized his vision for repositioning and restructuring the NSITF for efficient and effective social welfare service delivery for the Nigerian workers.

 “In line with his statement of commitment, the MD has initiated series of actions and programmes aimed at achieving his goal for a better social welfare service delivery in Nigeria.

“Expansion of the Employee Compensation Scheme is a key policy of Barr. Faleye. Aware of the fact that the informal sector of the economy constitutes an estimated 85% of the active workforce,” she said.,

Mede said that the management has further pushed the expansion of the Scheme to cover workers in the sector. In addition, under his leadership, the NSITF has enrolled the Nigerian Police Force in the Scheme.

“The Fund under Faleye has streamlined its claims and compensation processes to ensure claims are settled without undue delays. This has resulted in an unprecedented setting of 22,350 claims in 2024 only.

“Furthermore, the MD has prioritised workplace security and working in collaboration with several agencies such as the Nigerian Labour Congress (NLC) and Nigeria Employers Consultative Association (NECA), the Fund has held public awareness and sensitisation campaigns and trainings on workplace safety,” she said

Mede also said that NSITF has conducted workplace safety risk assessment for some companies.

“Since his appointment, the Fund has witnessed tremendous transformations in all aspects leading to an improvement in the welfare of Nigerian workers and contributing significantly to improved national economic indices witnessed under the Tinubu administration”.