NSITF to Expand Capacity, Efficiency of Social Security Scheme

Onyebuchi Ezigbo in Abuja

Nigeria Social Insurance Trust Fund (NSITF), has expressed its commitment to improve on its risk management framework to ensure the Fund becomes more efficient and effective on delivery of its mandate on social security in Nigeria.

In a statement signed by the Deputy General Manager Corporate Affairs, Alex Mede, the Managing Director and Chief Executive of the Fund, Barrister Oluwaseun Falaye, stated this while receiving the leadership of the Chartered Risk Management Institute who paid a courtesy call on him at the Abuja Corporate headquarters of the NSITF recently.

According to Faleye, “we can build the sort of understanding that is required and the sustainability that requires for a much more resilient Fund.

“I see a lot of ways that we can collaborate particularly in expanding or developing the capacity of our members, either from the risk department itself or even, Fundwide,” he said.

The Managing Director who received the CRMI leadership led by its Chief Registrar, Dr. Victor Olaninye, urged the institute to incorporate the Employees’ Compensation Scheme into its curriculum to further deepen understanding and awareness in the financial sector especially.

“My thought is that in deepening the knowledge about Employees’ Compensation Scheme within your curriculum because of the risk involved in lack of social safety net to a business.

“It is important in building resilience to educate all stakeholders of the need to safeguard their most important assets, which is the workers,” the MD further harped on complying with the ECS.

Responding on behalf of the CRMI team, Dr. Victor Ọlaninye thanked the NSITF boss for granting them audience and for the Fund’s participation in the Institute’s 24th Annual International Conference.

He commended Barrister Faleye and his management team for the achievements recorded 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,” he said.

He affirmed the Institute’s readiness “to collaborate with you in further advancing national development and strengthening the culture of excellence in risk management.”