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Tag: the Nigeria Social Insurance Trust Fund (NSITF)

  • NSITF to disburse N172m compensation to seven employees under ECS

    NSITF to disburse N172m compensation to seven employees under ECS

    The Nigeria Social Insurance Trust Fund (NSITF) has disclosed plans to disburse over N172 million in compensation to seven employees of different organisations who are beneficiaries of the Employees’ Compensation Scheme (ECS).

    Managing Director, NSITF, Oluwaseun Faleye, disclosed this in a statement by the Deputy General Manager and Head Corporate Affairs Department, NSITF, Alexandra Mede.

    Faleye said the financial support of the agency was robust enough “to provide the kind of support that will help cushion the effect of these unfortunate incidents when they do occur.”

    Delivering a keynote address at the maiden edition of the International Civil Service Conference in Abuja, Faleye said the NSITF recently paid a total of N43.7million to one employee of the National Assembly and a staff of Planned Parenthood Federation of Nigeria.

    The NSITF boss said, “To mention a few, early this year, we paid the sum of N25,000,000.00 (N25 million) to an employee of the National Assembly who suffered a work-related injury and just last week, the Nigeria Social Insurance Trust Fund presented a cheque of N18,652,908.20 (Eighteen Million, Six Hundred and Fifty-Two Thousand, Nine Hundred and Eight Naira, Two Kobo) as death benefit to the family of a deceased employee of the Planned Parenthood Federation of Nigeria.

    “Next week, I shall, on behalf of the Fund, and in fulfilment of our commitments under the Scheme, be presenting cheques of N31.1 m to an employee of Nestle Nigeria Plc, N4.9m to an employee of Polaris Bank Limited, and N15.4m to a Medplus employee.”

    Others, according to the MD, include “N86m to an employee of Mobil Producing Nigeria, N15.6m to an employee of Zenith Bank Plc, N7.8m to an employee of Alexander Marius Investment Limited, and N11.7m to an employee of Unity Bank Plc.”

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    Faleye lamented the poor implementation of the ECS at the state and local government levels, as well as the public sector.

    He said: “Can you imagine how many of our colleagues in the public sector could have benefited from this Scheme if it had been robustly institutionalised?  Can you imagine employees in over 774 Local Governments across the Federation, 36 States and the Federal Capital Territory being assured of the safety net that the Scheme provides in the case of work-related accidents?

    “This support, in the form of financial compensation, helps employees and their families cope with the financial and emotional strain of unforeseen and unfortunate events, enabling them to recover and return to work or maintain a reasonable standard of living.”

    Faleye added, “Another part of our mandate is also to assist the employees to return to work after any work-related injury or illness.  The Employees’ Compensation Scheme supports the rehabilitation of employees who suffer work-related injuries or illnesses, helping them regain their ability to work and reintegrate into the workforce. This promotes a more productive and resilient workforce as employees are better equipped to overcome challenges and return to their roles.

    “One of our mandates that I am particularly proud of is our efforts at preventing workplace accidents and injuries through our various initiatives under our occupational health and safety initiatives, where we undertake workplace health and safety audits and awareness to reduce workplace injuries, occupational diseases and death.

    “Through various initiatives, we encourage employers to prioritise workplace safety and implement measures to prevent accidents and injuries. This proactive approach helps create a safer and healthier work environment, reducing the likelihood of incidents that could trigger compensation claims.

    “In our view, this is what resilience looks like. The knowledge that if you give your all to serve, the system is available to support you wherever and whenever challenges occur. This is what will lead to the rejuvenation of our workforce, this is what will lead to the transformation of our workforce, and ultimately lead to the transformation of our lives.

    “That is why I urge all of you present here to be advocates of this Scheme and ensure that it is mainstreamed in your State, Local Government and wherever you exercise influence and leadership. This is about building the social safety net that the law has already provided for; this is about operationalising the law that has been passed for our collective benefit as a people.

    “On our part as the operators of this Scheme, we promise to rededicate ourselves to service, to advocating tirelessly the benefits of the Scheme, to ensuring that the Fund and the Scheme is efficient and effective to meet your aspirations whenever circumstances require it and above all, we promise to be transparent and accountable with the Fund that has been entrusted in our care for your compensation and rehabilitation.”

    Faleye added, “Let us activate the social safety net that is required to build a resilient civil service, so that all staff members can then give their very best for the transformation of our society.”

  • NSIFT: President lauds Some fun’s outstanding performance

    NSIFT: President lauds Some fun’s outstanding performance

    President Bola Ahmed Tinubu has hailed the immediate past Managing Director/Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Adebayo Somefun, for his outstanding performance and exceptional achievements during his tenure.

    In a letter by the incumbent NSITF Managing Director/CEO, Mr. Oluwaseun Faleye, the President acknowledged Somefun’s dedication, innovation, and outstanding stewardship in repositioning the fund.

    The commendation letter noted that under the erstwhile CEO, the NSITF recorded improved revenue generation through substantial improvement in contributions to fulfil the fund’s statutory obligations.

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    It said the NSITF management under Somefun prioritised staff welfare by resolving longstanding promotion issues and clearing salary arrears to boost workers’ morale.

    The lEtter also praised the former CEO for his workplace reform, transparency in procurement, promotion of industrial Harmony, and assets recovery.

    “Your commitment to excellence and teamwork was inspiring, and your contributions are truly valued,” the commendation said.

    It added: “On behalf of His Excellency, President Bola Ahmed Tinubu, the Minister of Labour and Employment, and the NSITF Board, please accept our sincerest appreciation.”

  • NSITF calls for robust risk assessment through AI, digitalisation

    NSITF calls for robust risk assessment through AI, digitalisation

    The Nigeria Social Insurance Trust Fund (NSITF) has called on stakeholders to collaborate in developing and implementing sustainable, technology-driven strategies to mitigate risks associated with Artificial Intelligence (AI) and digitalisation.

    Speaking at the World Day for Safety and Health 2025 event held in Lagos, themed “Revolutionising Health and Safety: The Role of AI and Digitalisation”, Regional Manager, Mainland, Agboma Okoroafor, said that governments, employers, and workers must invest in robust risk assessment and management strategies for emerging technologies.

    “At the NSITF, we recognise that navigating the digital transformation of workplace safety is not just about deploying technology it requires a human-centred approach. We are actively developing strategies that integrate human judgement and action with digital systems to create safer, more efficient working environments,” Okoroafor said

    She explained that the advantages of AI and digitalisation in occupational safety and health (OSH) are substantial, citing the use of robotics and AI to perform hazardous or repetitive tasks, thus minimising human exposure to confined spaces, heights, and dangerous substances.

    Okoroafor also emphasised that since its establishment, NSITF has disbursed billions of Naira in compensation for workplace injuries, diseases, and fatalities, while leading extensive OSH awareness campaigns that have significantly reduced workplace incidents across Nigeria.

    The Mainland Branch Manager of NSITF, Abimbola Yakubu, said that health and safety have always been at the core of productive work environments, but traditional systems are often reactive, compliance-driven, and slow to adapt.

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    “We are entering a new era now, where data is not just collected it is interpreted, predicted, and acted upon in real time. And this transformation is being driven by Artificial Intelligence and digital technologies.” Yakubu said.

    She added that NSITF, being the body mandated to compensate employees who suffer work-related injuries, disabilities, or death, and to prevent workplace accidents, has consistently advocated that robust occupational safety and health programmes are the foundation of employee compensation.

    “This has been practicable through effective Occupational Safety and Health (OSH) audit and inspection, OSH enlightenment and advocacy, and accident investigations carried out by our correspondents at workplaces to bridge non-conformity to safety.”

    Seplat Energy posts  N1.22tr revenue in Q1  (brief)

    From John Ofikhenua, Abuja

    Seplat Energy PLC, has announced its audited results for the three months ended  March 31, 2025, recording a revenue of N1.228 trillion for the period from N268.6 billion reported same quarter last year.  Its gross profit soared to N535.4 billion from N63.8 billion Year-on-Year.

    The firm made this known in a press statement yesterday.

    According to the statement, cash generated from its operations for the period grew to N464.9 billion from N25.2 billion Year-on-Year whilst profit before tax rose to N314.6 billion from N103.5 billion Year-on-Year.

    It said it delivered robust production and cost performance during 1Q 2025, at a new scale, and firmly on track to deliver FY 2025 guidance. It added that a strong cash position supports early repayment of $250 million reducing the Revolving Credit Facility (RCF) to $100 million, and an increase in our quarterly dividend to US$ 4.6 cents per share.

    For the period, production averaged 131,561 barrels of oil equivalent per day (boepd) up 167 per cent from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).

    In its operational highlights, Seplat said the production averaged 131,561 boepd up 167 per cent from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).

    It’s  Onshore production contributed 56,196 boepd, 14 per cent higher than 1Q 2024, and above 2025 guidance.

    The statement further noted that within this, liquids +10 per cent and gas +21 per cent vs 1Q 2024, following strong performance at Oben Gas Plant and first contribution from Sapele Gas Plant.

    The statement reads in part: “SEPNU production contribution of 75,365 boepd, within guidance, of which 88 per cent crude and condensate, four per cent NGL and eight per cent gas.

    “SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.

    “Sapele Integrated Gas Plant (‘SIGP’) was commissioned and achieved first commercial gas sales in February 2025. Plant is delivering high quality processed gas, and condensate yields of c.2 kbopd.

    “Carbon emissions intensity for Seplat onshore assets: 30.6 kg CO2/boe (revised 1Q 2024: 31.1 kg CO2/boe), reduction driven by lower emissions at Sapele post start-up of SIGP. End of routine flaring for onshore assets on track for H2 2025.A

    “Achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for SEPNU.”

    Seplat highlighted that its revenue of $809 million was up c.350 per cent on prior year (1Q 2024: $180 million).

    The statement said also stressed that “Unit production operating cost of $12.6/boe (1Q 2024: $9.5/boe), better than guidance of $14-$15/boe, due to timing of planned maintenance activities.

    “Adjusted EBITDA of $401 million, up 226% on prior year (1Q 2024: $123 million).

    • Cash generated from operations of $306.5 million, up materially from $16.8 million in 1Q 2024.

    “ Cash capital expenditure of $40.2 million (1Q 2024: $47 million). Onshore drilling activity to ramp up from 2Q 2025.

    “Completed refinancing of $650 million senior notes, with newly issued notes having a 2030 maturity and priced with a coupon of 9.125 per cent. Seplat notes were priced inside the Nigerian sovereign for the first time, reflective of established reputation in credit markets.

    “Reduced gross debt by ~21 per cent following early repayment of $250 million of RCF and $19.3 million repayment of Eland RBL.

    • Balance sheet remains robust, end-March cash at bank $334.6 million (YE 2024: $469.9 million), excluding $128.9 million restricted cash.

    “Net Debt at end-March of $747 million down 17 per cent on prior quarter (YE 2024: $898 million). Pro-forma ND/EBITDA improves to 0.56x.”

  • NSITF to drive employees’ compensation scheme compliance

    NSITF to drive employees’ compensation scheme compliance

    The Nigeria Social Insurance Trust Fund (NSITF) has launched a Mass Advocacy and Sensitisation Campaign aimed at boosting awareness and compliance with the Employees Compensation Scheme (ECS).

    Managing Director of NSITF, Oluwaseun Faleye unveiled the project in Abuja at a media parley with Labour Correspondents Association of Nigeria (LACAN).

    He cautioned workers against colluding with employers to manipulate their declared salaries or staff numbers, warning that such practices ultimately shortchange them in the long run.

    Faleye said that compensation paid by NSITF under the ECS in the event of an accident is based strictly on the declared earnings of an employee.

    He lamented that a major challenge to enrolling more workers and organisations in the ECS is the lack of awareness and understanding, as well as limited enforcement powers.

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    “Every time we’ve had the opportunity to explain what NSITF stands for and what it does, we’ve seen a swift change in perception and attitude. So, I believe the greatest challenge is the lack of understanding and awareness about NSITF’s role. This is why we are committed to deepening engagement with stakeholders,” he said.

    Faleye noted that enforcing compliance remains a major hurdle, as some employers obstruct NSITF officials during inspections of workplaces, preventing them from assessing health and safety compliance or reviewing records.

    He stated: “We face challenges when our staff go on inspections. They are sometimes prevented from accessing workplaces to check compliance with safety regulations or even verify records.

    “We need stronger enforcement powers to ensure organisations comply with the law, including the ability to enter or shut down premises that endanger employees’ lives.”

    He stressed that beyond enforcement, workers themselves must stop enabling their own exploitation.

    “Another major issue is that employees sometimes collude with employers to underreport salaries or reduce the declared number of staff, thinking they are doing their bosses a favor. In reality, they are only shortchanging themselves.

    “We have seen cases where employees advise their employers to reduce their declared earnings to lower contributions to NSITF. But when accidents happen—and we pray they don’t—compensation is calculated based on the reported salary.

    “So, if you undervalue your earnings, the NSITF will only compensate you based on what was declared, meaning you receive far less than you should. Employees, especially accountants, finance directors, and payroll officers, should desist from these practices because they will ultimately be the ones to suffer,” Faleye said.

    “This campaign will leverage media engagement, stakeholder partnerships such as this, and grassroots outreach to ensure that every worker, employer and relevant stakeholders understand their rights and obligations under the scheme. We intend to use your skillset to achieve this and we intend to use both the traditional and new media to advocate for this benefit and we will be relying on you” he said.

    He called on journalists to also demand coverage under the Employees’ Compensation Scheme, stressing the high-risk nature of journalism and the need for social protection for media professionals.

    The MD also disclosed that NSITF has paid over 100 claims since his assumption of office in July 2024, including a recent N25 million compensation to National Assembly staff.

    While noting that 70% of Nigeria’s economy operates within the informal sector, Faleye announced plans to extend NSITF’s coverage to small businesses, artisans, traders, and transport workers.

    “We are developing a social safety net within the ECS that caters to Nigeria’s dynamic and diverse economy. Soon, we will roll out initiatives specifically for small and medium businesses, road transport workers, and other informal sector participants, ensuring they also benefit from employee compensation protection,” he added.

    The MD emphasised that the NSITF was determined to drive digital transformation and improve service delivery for millions of Nigerian workers despite existing setbacks.

    “NSITF has made several attempts at digitalisation in the past, but unfortunately we still have enormous challenges,” he stated.

  • Minister charges NSITF to enroll more workers into employees compensation scheme 

    Minister charges NSITF to enroll more workers into employees compensation scheme 

    The Minister of Labour and Employment, Muhammadu Dingyadi, has urged the management of the Nigeria Social Insurance Trust Fund (NSITF) to intensify efforts towards the enrollment of more workers in all sectors into the Employees Compensation Scheme(ECS).

    According to a statement on Sunday by the General Manager, Corporate Affairs at NSITF, Nwachukwu Godson, the minister gave the charge during the NSITF 2022/2023 Service Award at the weekend in Abuja. 

    He noted that efficient resource management was key to optimum productivity, while commending the NSITF for contributing to the upliftment of the nation’s workforce.

    The minister, who was represented by the Director II, Social Security Department of the Ministry, Ngozi Anukwu, underscored the importance of the Service Award at a time the federal government renewed emphasis on excellent stewardship as a precursor of optimum national productivity.

    The statement said: “This award ceremony is coming at a time when the government of President Tinubu is encouraging effective utilization of resources for optimum productivity. It came at a time when the Federal Government placed more premium on the ratio of valuable output to input as a measure of efficiency and effectiveness in the service of the federation.

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    “Suffice that this award measures the ratio of the energies put in by the staff of the fund, especially the awardees in the implementation of the Fund’s social security mandate which anchors on the Employees Compensation Scheme(ECS).”

    The minister urged the recipients of the awards to see it as an opportunity to double down efforts towards the progress of the NSITF and the nation.

    Managing Director of the NSITF, Oluwaseun Faleye said the occasion was not just an opportunity to celebrate exceptional contributions but also an avenue to reaffirm the core values of hard work, dedication, and excellence which is the hallmark of an efficiently run organisation. 

    He assured that the strategic objectives of his administration which anchor on five pillars aim to re-engineer the NSITF and reach new heights in providing social safety nets to Nigerians, expressing pleasure that all hands were already on deck.   

    He said: “As we reflect on today’s recognitions, let’s consider what it means to truly excel. Exceptional performance goes beyond meeting targets or deadlines. It’s about going above and beyond, overcoming challenges, and embracing teamwork. It’s this commitment to our mission that drives our continued success.

    “Over the past year, we’ve faced unprecedented challenges, yet it is during these times that the true strength of our team has shone through. Many of you have displayed resilience, creativity, and adaptability, turning obstacles into opportunities for growth. Your dedication, long hours, and personal sacrifices reflect an extraordinary commitment that deserves our deepest appreciation.”

    Faleye further underlined the place of team work as a core factor in successful organisations, noting that while outstanding staff were being honoured, it should be placed on record that the achievements were the product of collective effort.

    “It’s the collaboration, mutual support, and shared excellence that propel us forward. Together, we build a culture of success that will inspire future generations within our organization,” he stated. 

    Offering his gratitude to the awardees, Faleye urged them to remain a shining example to all through an unwavering dedication to duties for seamless service delivery to NSITF’s stakeholders. 

    Among the awardees are the General Manager, Compliance, Lateef Musa, who joined the service of the Fund in 1994, Ndakoji Musa, an Assistant General Manager and Chinenye Okoroafor, an Assistant Manager at the Lekki Branch of the NSITF in Lagos.