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The Chairman, management board of Nigeria Social Insurance Trust Fund ( NSITF), Prince Austin Enajemo-Isire, has disclosed that the agency it has settled 11,000 claimants worth over N1billion in the outgoing year.
He said the sum of N529.9million was disbursed to such claimants between June and November this year.
He disclosed that the agency is undergoing a transformation and repositioning, adding that the financial account of the fund, which was in arrears of over seven years has been audited up to date with 2019 and 2020 currently under process and auditing.
He added: “Today, NSITF is currently undergoing a transformation and repositioning to deliver on its core mandate in line with the vision of the fund. Therefore, a new beginning, a renewed hope weaved around a commitment to rebuild NSITF that the Nigerian workers will be proud of.
“It is gratifying to note that since the inauguration of the present executive management, the fund has been on a turnaround and a growth trajectory.
“This is one of the key promises made by the management board to change the narratives during their inauguration with a view to enthroning sound policies, accountability and probity.
“It may interest you to note that this year alone, well over 11,000 claims have been paid to different categories of claimants and more are being processed for payment.
“At the inception of this management board and as contained in the Honourable Minister of Labour’s Speech, the financial account of the fund was in arrears of over seven years but as we speak, this has been audited up to date with 2019 and 2020 currently under process and auditing.”
Disclosing that the agency maintained presence in 11 regions and 56 branches across the nation to ensure easy accessibility by all employees and employers, the Chairman said, “with these offices across the country, we will reach out to more Nigerians and ensure that every worker, both in the formal and informal sectors, are well protected.”
He explained that the Employee Compensation Act (ECA) guiding the operations of NSITF, was a fall out of employee compensation scheme, introduced and powered by an act of parliament, known as ECA in 2010.
“The primary aims of the act is to provide a fair and guaranteed compensations to any employee of a registered employer who suffers occupational hazard while on active service; either leading to death or disability.
“Since the enactment of the Act, we have seen a leap unto the mountain of progress and a low walk on the valleys of the not so good,” he explained.
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