NSITF Reaffirms Commitment to Efficiency, Expands Collaboration on Risk Management and Social Security Delivery

The Nigeria Social Insurance Trust Fund (NSITF) has given Nigerians renewed hope for a more efficient and responsive social security system, as the Fund announces fresh steps toward strengthening its operations, deepening risk management processes, and enhancing service delivery across all sectors of the economy.

This assurance was given by the Managing Director and Chief Executive of the Fund, Barr. Oluwaseun Falaye, when he hosted the leadership of the Chartered Risk Management Institute (CRMI) during a courtesy visit to the NSITF headquarters. The meeting highlighted the Fund’s determination to evolve into an institution that meets global standards in social security administration while responding promptly to the needs of Nigerian workers and employers.

During the visit, Falaye explained that the Fund is undergoing a strategic transformation aimed at strengthening internal structures, enhancing staff capacity, and improving the transparency and effectiveness of its operations. He emphasized that risk management plays a crucial role in achieving these goals, especially in light of the Fund’s mandate to safeguard the welfare and compensation rights of millions of workers.

According to the NSITF boss, the Fund has recognized the need for a broader and more proactive approach to identifying, assessing, and mitigating risks that may hinder service delivery. He noted that building a sustainable and resilient organization requires continuous investment in staff training, institutional capacity, and modern operational methods.

Falaye added that the collaboration with the Chartered Risk Management Institute is timely, as it presents an opportunity to develop and strengthen the risk management framework across all departments of the Fund. He stated that the NSITF is eager to tap into the expertise and professional resources of the institute to build a stronger, more responsive institution.

He pointed out that there are several areas where both organizations can work together, including capacity building for staff in risk-related departments, advisory support, and the adoption of best practices that align with global standards. Falaye stressed that adopting these measures will help the Fund minimize vulnerabilities, improve efficiency, and ensure the sustainability of its operations.

In addition to strengthening risk management structures, Falaye also highlighted the importance of expanding awareness about the Employees’ Compensation Scheme (ECS), one of the key programs administered by the NSITF. He noted that many employers and employees still lack adequate understanding of the scheme, despite its immense benefits in providing compensation, medical care, and rehabilitation for workers who suffer injuries, disabilities, or death in the course of employment.

To address this gap, the NSITF chief proposed that the ECS be incorporated into educational and professional training curricula. He noted that collaborating with institutions like the Chartered Risk Management Institute will help integrate social security topics into academic and professional programs, thereby improving awareness, compliance, and public understanding of the Fund’s mandate.

Falaye emphasized that widening awareness of the Employees’ Compensation Scheme is essential for achieving its full impact, as more knowledge leads to better compliance from employers and greater protection for workers. He expressed confidence that through continuous partnership, training, and public engagement, the NSITF can reach more Nigerian workers and ensure that the social security safety net remains strong and effective.

In his remarks, the Chief Registrar of the Chartered Risk Management Institute, Dr. Victor Olaninye, commended the leadership of the NSITF for its commitment to reform and improvement. He described the Fund’s initiative to enhance its risk management framework as a welcome development that will strengthen public confidence in the institution. Olaninye pledged the institute’s readiness to support the NSITF through professional training, consultancy, and capacity-building programs that will contribute to the Fund’s long-term growth and effectiveness.

The courtesy visit signals a growing recognition of the need for collaboration between public institutions and professional bodies to improve governance, accountability, and service delivery. For the NSITF, it marks another important step in its ongoing journey to reposition itself as a reliable, transparent, and forward-looking institution dedicated to protecting the welfare of Nigerian workers.

As the Fund intensifies its efforts to modernize operations, expand awareness, and build stronger risk management systems, Nigerians are expected to benefit from a more efficient and responsive social security system that delivers on its promise of safety, compensation, and support for all categories of workers across the country.