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Tag: NSITF

  • ASSBIFI to partner NSITF on scheme

    ASSBIFI to partner NSITF on scheme

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has pledged to partner with Nigeria Social Insurance Trust Fund (NSITF) to guarantee compliance with the Employees’ Compensation Scheme (ECS). This was made known by the National President of the Association, Oyinkan Olasanoye, in a chat with The Nation at the weekend.

    He said the partnership is needed to ensure maximum compliance by all the stakeholders. He expressed with  the Federal Government’s initiative to establish a fund designed to rehabilitate and compensate injured employees.

    She said the  association would ensure that employers in the banking, financial and insurance sectors comply fully with the provisions of the ECS.

    The ASSBIFI National President said it was in the interest of the association to make the scheme a success. According to her, the scheme played a major role in the passage of the Employees Compensation Bill at the National Assembly, which culminated in the Employees Compensation Act 2010.

    She reiterated that ASSBIFI also has a good relationship with state governors and government parastatals and would therefore like to explore areas of mutual benefit with the NSITF to advance the scheme.

    On the recent plan by the NSITF to recruit new workers, she said that will be a difficult thing to do now because the body is yet to take care of its current staff as much as it would have loved to. She said: “We have been informed by our NSITF Unit on recent plans by management of the NSITF to employ another 370 officers from the rank of managers and above into the service of the organisation.

    As a responsible union representing Nigerian workers, we are not opposing generation of employment for Nigerians, but we are concerned about the present situation of NSITF, which necessitates us calling for caution.”

  • Union protests bloated workforce at NSITF

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) are at war path with the Minister of Labour and Productivity, Dr. Chris Ngige, over what the former described as illegal recruitment at the Nigeria Social Insurance Trust Fund (NSITF).

    The Nation was reliably informed that successive management of the Fund has been recruiting staff indiscriminately without due regard for extant civil service rules and procedures.

    Investigation by The Nation further revealed that most of the staff were irregularly employed between 2012 and 2016 and placed over and above better qualified and experienced existing staff.

    Independent checks by our correspondent revealed that the current staff of the organisation is about 5, 000 with 71 of them in the management cadre and several others who enjoy a lot of perks of office to the detriment of other staff.

    Confirming this development, Mrs. Oyinkansola Olasanoye, National President of ASSBIFI in an interview with our correspondent said the organisation has an over-bloated staff.

    “The federal government is trying to create employment; it has been overbloating the organisation with too many staff.  As at present they have over 5, 000 staff. And or recent al so the federal government said they should employ additional 370, which we have done a letter to the Secretary to the Government of the Federation. And those they are employing are not just fresh graduates that we would that the government is seeking employment for. They are insisting that they should be part of management even if there are no jobs available for them.”

    Regrettably, the ASSBIFI boss said: “The government keeps on forcing them to employ even when they don’t need staff. The problem we are having at the NSIFT is that it is top heavy. For a fresh graduate, their entry point in that organisation should be Level 7, which is the officer level. So those that came in without knowing anybody in power, it’s not this present government that started it, they have been on the same level but they would bring their own people and start giving them Level 13-14.”

    Pressed further, she said: “Those that have been on Level 7, there is no vacancy for them to be promoted to. And that is what is causing frustration. People that have been in the company for 10 years that have done their Masters and all, there is no vacancy for them to be promoted. You employ fresh graduates without experience, no additional qualifications and you make them Level 13-14-15 Officers. And two weeks ago this present management wanted to do the same and we reminded them that we have been working together on the survival of this organisation and he said it is not about him. We also went to the Minister of Labour, and he said go back and still employ. We had to write to the SGF that Even if it is to create employment for Nigerian fresh graduates, it should have been at entry level.”

    Raising some posers, she said: “How can such agency remain without a board? Why must it be left to the whims and caprice of the minister? Where is the tripartite content that is supposed to manifest in the day to day management of the agency. The board under normal circumstances is made up of government, employers, and organised labour (NLC). The NSITF needs cleansing but which the government is not too keen about.”

    To press home their demand the union has since written to the Secretary to the Government of the Federation with a view to getting the government to acquiesce to their demands for a thorough cleansing of the NSIFT.

    In the letter titled: ‘creating A Healthy and Sustainable Nigeria Social Insurance Trust Fund’ with reference No. ANS/IR/GO/YOS/154, dated December 20, 2017 and made available to The Nation, was jointly signed by ASSBIFI’s National President, Oyinkan Olasanoye and the Acting Deputy Secretary General, Yekeen O. Shittu.

    In the 12 paragraph petition to the SGF, tthe union queried the improper staff placement in the organisation arising from lopsided recruitment just as it complained that fresh graduates were placed on the ranks far above their experiences and qualifications against extant civil service rules.

    Besides, the union leaders lamented the non payment of backlogs of outstanding statutory deductions like pension and housing funds from staff just as it queried the issue of overlapping salaries.

    As at press time, all efforts to get the ministry’s spokesman, Samuel Olowookere for comments at the weekend were futile as his mobile phone was switched off.

    Just recently the EFCC has commenced court action against three former directors and two current staff of NSITF on issues bothering on alleged diversion of contributions paid to NSITF. The NSITF has been badly hit since 2011.

  • I have nothing to do with Jonathan’s campaign organisation – Ex- NSITF chief

    I have nothing to do with Jonathan’s campaign organisation – Ex- NSITF chief

    The former chairman of Nigeria Security Insurance Trust Fund ( NSITF ), Dr. Ngozi Olejeme, said on Tuesday she has nothing to do with the finance committee of ex- President Goodluck Jonathan’s campaign organization.

    In a statement issued by her media aide, Stanley Imoko, the ex-NSITF said contrary to reports that she was arrested by the Economic and Financial Crimes Commission (EFCC) over alleged N69billion fraud, she submitted herself before the Commission to clear the wrong allegations against her.

    Olejeme said the allegations that led to her arrest was purely about where she worked as part time chairman of NSTIF and has nothing to do with Jonathan’s campaign organisation as alleged.

    The statement reads: “Our attention has been drawn to erroneous media reports about the circumstance surrounding the issues Dr.  Ngozi Olejeme is currently having with the Economic and Financial Crimes Commission (EFCC).

    “While we recognise the constitutional right of the media to inform the public, we are inclined to set the records straight by stating what has transpired so far between Dr.  Ngozi Olejeme and the EFCC.

    “Dr. Olejeme who was declared wanted three months ago by EFCC for alleged diversion of several billions of Naira in NSITF where she was a part time chairman during the last administration turned herself in voluntarily to EFCC on Monday, the 18th of December, 2017 in order to clear her name which the alleged story of diversion tried to smear.

    ” Dr. Olejeme was appointed a part time chairman of the agency when the agency was moribund  and comatose having been divested of its core responsibility of managing pension funds of Nigerian workers by the New Reform Pension Act of 2004 .

    “Dr. Olejeme’s dexterity saw the enactment of a new law by the National Assembly that gave some responsibilities (like social scheme compensation for employees who suffer injury or death in the course of their duties) to the agency and which resurrected the agency back to life.

    “The agency that had only two functional offices when she was appointed witnessed a tremendous growth both in offices across the length and breadth of Nigeria and personnel from 80 employees to about 7,000 by the time she exited from the board.”

     

     

  • Senate urges FMBN shareholders to pay up equities

    Senate urges FMBN shareholders to pay up equities

    The Senate Committee on Lands, Housing and Urban Development has urged shareholders to pay up their equities in order to actualise the planned recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN).

    A statement issued in Abuja on Tuesday by FMBN Managing Director, Mr Ahmed Dangiwa said the Chairman of the Committee, Sen. Barnabas Gemade made the call while on an oversight visit to the bank.

    Gemade listed the shareholders to include the Federal Government, Central Bank of Nigeria (CBN), and Nigeria Social Insurance Trust Fund (NSITF).

    He observed that the CBN had vital role to play in making the FMBN function effectively by exercising its statutory roles, especially in the areas of funding and regulation.

    “There is no way FMBN can address the plethora of daunting challenges in the mortgage industry without being supported by the CBN and the Federal Government.

    “The N5billion capital base of the FMBN is abysmally low and the shareholders should hasten up by increasing the capital base to reflect current realities.

    “CBN should sanction commercial banks that defaulted in remitting 10 per cent of their loan portfolio to FMBN as investment to the development of a virile mortgage industry as required by the law.’’

    He promised that the committee would also ensure amendment of both the FMBN and National Housing Fund (NHF) Acts to make the bank function effectively.

    Read also: Senate plans to pass 2018 budget this month

    Gemade said N100 billion was approved in 2017 budget as intervention fund to support mortgage activities in the country.

    He directed the bank to follow up the matter with its supervisory ministry, adding that the Ministry of Power, Works and Housing should contact the Federal Ministry of Finance to secure release of the fund.

    In his remarks, Dangiwa said the bank had not received budgetary allocation from the Federal Government since its establishment.

    “Therefore, we rely solely on income generated from contributors under the NHF scheme to finance our activities,” he said.

    He lamented that the current N5 billion capital base of the bank was grossly inadequate, in view of the magnitude of its mandate to bridge the housing finance gap in Nigeria which was in the region of trillions of naira.

    According to him, FMBN has commenced strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS) Plc for the management of mortgage–related transactions to reduce loan repayment default to the barest minimum.

    NAN

  • NSITF threatens to sue employers for breaking its law

    The Nigeria Social Insurance Trust Fund (NSITF) may henceforth sue employers which refused to register with it in line with the law, its Managing Director /Chief Executive   Adebayo Somefun, has warned.

    He said in Abuja that for too long, many employers had defaulted in registering with NSITF.

    The penalty  for defaulters, he said, was too light, adding that  the NSITF would seek an amendment to its Act and the Employees Compensation Act (ECA) in order to enforce compliance.

    “Dialogue is very important, we will try to persuade them and also use the apparatus of  the government and the law. We must mandate them because it is mandatory.

    “Where persuasion has failed, I believe we can try to mandate them. We have written circulars but we still have some recalcitrant employers.

    “We will still try and persuade them and enforce where necessary, unfortunately, the penalty is so small.

    “So, I believe that this Act also has to be amended to give stiffer penalties,”Somefun said.

    He said he was discussing with his management on how  to pursue the Act’s amendment to ensure stiffer penalties.

    Somefun said part of his plans for NSITF the fund was to make Nigerians aware of its core functions.

    The statutory responsibility of the NSITF, he said, was to compensate employees who suffer from occupational diseases and sustain injury or disability from accidents in work place.

    “NSITF provides compensation to the dependants of an employee who dies in their workplace.

    “NSITF helps the employer to save for the rainy day,” he said.

    He described ECA as a no-fault scheme since it is a social fund which intends to ensure speedy compensation of employees.

    Any injured employee could be trained or rehabilitated under the NSITF in any vocation suitable for his condition.

    He said the fund had made it a duty to complete any request for compensation within two weeks, adding that he would work to bring the processing time down to days.

    “Compensation has started, that is why you have not seen people carrying placards saying that they have not been paid.

    “There is no request for compensation that has been brought to us here that has not been treated speedily,” Somefun said.

  • NSITF threatens to sue employers for breaking its law

    The Nigeria Social Insurance Trust Fund (NSITF) may henceforth sue employers which refused to register with it in line with the law, its Managing Director /Chief Executive   Adebayo Somefun, has warned.

    He said in Abuja that for too long, many employers had defaulted in registering with NSITF.

    The penalty  for defaulters, he said, was too light, adding that  the NSITF would seek an amendment to its Act and the Employees Compensation Act (ECA) in order to enforce compliance.

    “Dialogue is very important, we will try to persuade them and also use the apparatus of  the government and the law. We must mandate them because it is mandatory.

    “Where persuasion has failed, I believe we can try to mandate them. We have written circulars but we still have some recalcitrant employers.

    “We will still try and persuade them and enforce where necessary, unfortunately, the penalty is so small.

    “So, I believe that this Act also has to be amended to give stiffer penalties,”Somefun said.

    He said he was discussing with his management on how  to pursue the Act’s amendment to ensure stiffer penalties.

    Somefun said part of his plans for NSITF the fund was to make Nigerians aware of its core functions.

    The statutory responsibility of the NSITF, he said, was to compensate employees who suffer from occupational diseases and sustain injury or disability from accidents in work place.

    “NSITF provides compensation to the dependants of an employee who dies in their workplace.

    “NSITF helps the employer to save for the rainy day,” he said.

    He described ECA as a no-fault scheme since it is a social fund which intends to ensure speedy compensation of employees.

    Any injured employee could be trained or rehabilitated under the NSITF in any vocation suitable for his condition.

    He said the fund had made it a duty to complete any request for compensation within two weeks, adding that he would work to bring the processing time down to days.

    “Compensation has started, that is why you have not seen people carrying placards saying that they have not been paid.

    “There is no request for compensation that has been brought to us here that has not been treated speedily,” Somefun said.

  • NSITF promises better package for workers

    The new management of the Nigeria Social Insurance Trust Fund (NSITF) has pledged to introduce improved welfare packages that will boost staff productivity.

    The Head, Cooperate Affairs of NSITF, Aliu Zubairu, said the new Managing Director, Adebayo Somefun, gave the assurance when he assumed duties in Abuja.

    Somefun hinted that a review of the staff welfare package to keep them motivated was underway.

    The new helmsman, who spoke with the three new executive directors of the Fund at its corporate headquarters, assured the staff that the new management understood the essence of a motivated staff.

    He, therefore, assured that management would do everything within its powers to review their welfare packages, stressing that the team was fully prepared to move the organisation forward.

    The new executive directors are: Suleiman Tijani, Mrs. Kemi Nelson and Jasper Azuatalam.

    Thanking every member of staff for a wonderful job done, he stressed the need for teamwork, which was reflected in the resumption of management members simultaneously.

    Somefun urged the members of the staff to see the new management as a team that would take the organisation to the next level, while promising that the  team would not disappoint in ensuring that it left the Fund better than it met it.

    “I assure you that the new executive team has listening ears and our doors are always open for suggestions and ideas,” he said.

    Mrs Nelson said she had, in the past five years, sought an opportunity to be useful not only to herself, but to a lot of people, noting that her appointment was the answer to that prayer. She promised to give her best in ensuring she delivered on her new assignment.

    On his part, Tijani corroborated the position of the managing director, saying the new management would welcome ideas and suggestions and also needed collective efforts to move the Fund forward.

  • NECA, NSITF move to lift injured workers

    NECA, NSITF move to lift injured workers

    The Nigeria Employers Consultative Association (NECA), the umbrella body of employers and the Nigeria Social Insurance Trust Fund (NSITF)  signed a Memorandum of Understanding aimed at boosting payment to injured workers under the scheme.

    The memorandum is meant to address items that constitute payroll of enrollees into the Employees Compensation Scheme (ECS).

    Speaking at the ceremony, Director-General of NECA’s Director General, Segun Oshinowo, said the need for a revision of payment of the one percent of workers payroll by employers into the scheme as required by law informed the setting up of a joint committee whose work culminated into an agreed term for the definition of the payroll and mode of deduction.

    Oshinowo said the outcome of the committee’ work constitute the basis for the Memorandum of Understanding signed by the two organizations, adding that the MoU clearly spells out the items that constitutes payroll with pension, special allowances exempted from the list.

    He explained that both NECA and NSITF have decided to define payroll on the basis of exclusion and that the items that would be excluded are items that are irregular on the payroll such as bonus, overtime payments, items that employers bear the costs but do not translate into cash in the pocket of employees, which formed the basis for the exemption of pension contributions.

    Oshinowo said that the new Memorandum of Understanding will provided clarity of definition as far as items that constitute what a payroll is within an organization.

    He said: “It is difficult to run a scheme where controversies would dogged the implementation because the stakeholders are not on the same page on the terms and references that are contained in the law.

  • NSITF urges youths on self-development

    •Says artisans not covered by ECS

    The Acting Managing Director, Nigeria Social Insurance Trust Fund (NSITF), Mr. Ismail Agaka, has called on Nigerian youths to acquire productive skills that will position them to become highflyers in corporate governance.

    The NSITF boss stated this in Abuja when a delegation of the National Youth Council of Nigeria (NYCN) led by its President, Murtala Muhammed, paid him a courtesy visit.

    He said rather than staying glued to social media and entertainment, youths must learn to develop themselves mentally to be sufficiently equipped for skilled functions and corporate governance.

    He charged youths to acquire the mentality of starting small, taking time to grow, thereby developing their decision-making skills instead of begging for handouts.

    Agaka, who said he was sympathetic with youths for bearing the brunt of the prevailing economic climate in the country, also blamed many young persons for being indolent.

    Agaka regretted that youths of today engaged in all sorts of social misdemeanour instead of productive ventures that could better their lives, saying it was pathetic that some youths, aged 35 to 40, still depend on their parents and guardians to eke out a living instead of the other way round.

    Asked if roadside workers such as vulcanizers, mechanics, and other artisans were covered by the Employees Compensation Scheme (ECS), he explained that this group of workers, classified as the informal sector, are not presently covered by the scheme.

    He added that the informal sector was not covered by the scheme owing to the flexibility of its income earnings, and explained that the provision of the scheme as it presently stands, can only accommodate the formal sector.

    He, however, said the only way the informal sector can benefit from the Scheme for now, is for them to come under umbrella bodies such as cooperative societies, trade unions and associations.

    He further disclosed that NSITF has done poverty mapping across the country and noted areas where there are high incidences of poverty and has submitted its report to the Federal Government.

    Earlier,  Muhammed said the group was an umbrella body of all voluntary youth organisations in Nigeria, under the supervision of the Federal Ministry of Youths and Sports Development.

    He lauded the giant stride recorded by the NSITF in the implementation of the ECS.

  • NSITF transfers N9.01b contributors’ fund to Trustfund Q2, 2015

    NSITF transfers N9.01b contributors’ fund to Trustfund Q2, 2015

    The Nigeria Social Insurance Trust Fund (NSITF) has transferred N9.01 billion pension contributions to 124,871 members Retirement Savings Account (RSAs) managed by Trustfund Pension Plc as at the Second Quarter of last year.

    This was made known in a report by the National Pension Commission (PenCom) obtained by The Nation.

    According to the report, the Commission has continued the supervision of the transfer of the contributions into beneficiaries’ RSAs during the quarter under review.

    The report read in part: “In this regard, 1,084 applications for the transfer of contributions amounting to N77.5 million were received. The Commission processed and granted ‘‘no objections’’ to Trustfund Pensions Plc to transfer an amount totaling N68.8 million to 995 contributors.

    “On the other hand, 35 applications for N2.5 million were rejected due to incomplete documentations. This brought the total NSITF contributions transferred to Retirement Savings Account to N9.01 billion. The amount was transferred on behalf of 124,871 NSITF contributors.”

    The report also showed that in the period under review, there were transfers from National Provident Fund (NPF) and NSITF contributions to members’ RSAs

    During the first quarter, the Commission received a total of 1,330 applications for the transfer of NSITF contributions amounting to N91.68 million.

    “Following the review of the applications, the Commission granted “no objection” to Trustfund Pensions Plc to pay the sum of N82.14 million to 1,200 contributors. This suggested that 130 applications amounting to N9.54 million were rejected due to incomplete documentations.”