Commitment to Institutional Reforms and Transparency
The Chairman of the Nigeria Social Insurance Trust Fund Management Board, Olusola Olofin, has made a strong commitment to institutional reforms, transparency, and improved staff welfare across the organization. This pledge was made during a strategic engagement with the leadership of the Association of Senior Staff of Banks, Insurance and Financial Institutions, NSITF Unit. The meeting took place on Thursday at the Fund’s headquarters in Abuja.
Olofin, who personally signed a statement on Friday, highlighted that the meeting served as an opportunity to strengthen collaboration between the Board, management, and workers. It also aimed to address critical issues affecting the Fund’s operations and employee satisfaction.
Addressing Concerns and Next Steps
In response to concerns raised by the union, Olofin disclosed that the Board was awaiting the official submission of reports on the 2024 National Minimum Wage consequential adjustment and the PriceWaterhouseCoopers findings. He assured that once these documents were received, they would be reviewed and implemented promptly to resolve pending welfare and personnel matters.
“The Board is committed to fairness, accountability, and the well-being of every staff member. The Board will also take timely action to restore confidence and boost staff morale,” he said.
Digital Transformation and Due Diligence
Olofin also addressed the controversy surrounding the E-NSITF digitalisation contract. While he admitted that he had not been fully briefed on the matter, he emphasized his intention to make necessary inquiries to establish the facts. However, he stressed the Board’s determination to advance digital transformation across all NSITF operations to improve efficiency, transparency, and service delivery.
“Digital transformation remains central to our vision for a modern and efficient NSITF. Every process, however, must comply with due diligence and reflect our core values of accountability and integrity,” he added.
Stakeholder Consultations and Legislative Review
Olofin underscored the importance of inclusive stakeholder consultations in the ongoing amendment of the NSITF Act (1993) and the Employees’ Compensation Act (2010). He stated that the review process must reinforce, not weaken, the statutory powers of the Board or the Fund’s governance framework.
“The amendment process should help us build a stronger institution, one that is more responsive, transparent, and capable of delivering on its social protection mandate,” he said.
Recognition of Leadership and Future Goals
The Board Chairman commended the ASSBIFI-NSITF leadership for its professionalism and constructive engagement, describing the meeting as a step toward achieving lasting industrial harmony. Olofin reaffirmed the Board’s readiness to continue working with all stakeholders to reposition the Fund for greater efficiency and better service to Nigerian workers.
He concluded by stating, “Our shared objective is to make NSITF a model of good governance, driven by fairness and innovation. Together, we can build an institution that truly serves the interests of workers and stands the test of time.”