The federal government of Nigeria has inaugurated the newly reconstituted Governing Board of the Nigeria Social Insurance Trust Fund (NSITF).
Performing the inauguration in Abuja on Friday, Minister of Labour and Employment, Dr Muhammad Dingyadi, called on the Board members to be dedicated to their duty as the welfare of employees must be paramount.
He said that the NSITF Board plays a crucial role in shaping the future of the Agency and the Ministry especially towards the achievement of the effective leadership and success of the Renewed Hope Agenda of the present administration in repositioning Nigeria’s economy for a better tomorrow.
“Your diverse perspectives and expertise will be instrumental in navigating the challenges and opportunities.
“As Board members, you are all aware that the Fund plays a key role in ensuring the welfare and protection of Nigerian workers by providing financial support and assistance in times of need in line with the provisions of the Employees’ Compensation Act.
“Therefore, your commitment to transparency, accountability, and ethical decision-making is paramount,” he said.
Dr Dingyadi also urged the Board members to actively participate in strategic planning, policy development, and oversight of all operations concerning the Fund, saying that success is not possible without collaboration and teamwork.
“I encourage you to work together as a cohesive unit, leveraging each other’s strengths and expertise.
“I urge you to foster a culture of open communication and mutual respect. I have unwavering confidence in your ability to excel in your new roles.
“Distinguished Board Members, let us work together to make the Fund a beacon of excellence and a force for positive change. I am confident that under your leadership, we will achieve our goals and make a meaningful impact,” the Minister stated.
Chairman of the eleven member Governing Board, Mr. Shola Olofin in his acceptance speech, thanked the Minister and the Federal government for the trust reposed on the members promising to be guided by the rules of their appointment.
He said that the NSITF, as enshrined in the Nigeria Social Insurance Trust Fund Act of 1993, is a pivotal institution in the nation’s national social security framework.
The Fund, he stated, exists to provide compensation to insured employees in the event of work-related injuries, disabilities, diseases, or death.
“Our primary goal is to ensure social protection for Nigerian workers, in line with the constitutional provisions of Section 17(3) (c) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), which mandates the State to ensure that suitable and adequate welfare is provided for all persons in employment.
“Furthermore, the Employees’ Compensation Act (ECA) 2010, which established the Employees’ Compensation Scheme (ECS) under the NSITF, reinforces our commitment to the welfare and dignity of Nigerian workers.
“Under Section 3 of the ECA, the Fund is mandated to provide comprehensive compensation for employees who suffer from work-related injuries, illnesses, or fatalities.
“This mandate is not just a legal obligation; It is the foundation upon which a just and equitable labour environment is built,” Mr. Olofin said.
He described Workers as the lifeblood of the economy, adding that their welfare must remain a priority “if we are to achieve sustainable national development.”
The Board Chairman said that attention would be deliberately given to key strategic areas, which include strengthening compliance and coverage, enhancing operational efficiency, ensuring financial growth and sustainability.
Other areas according to him, are accountability and Transparency, capacity building and stakeholder engagement, as well as public awareness and trust restoration.
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