NSITF: We paid N530m compensation to 69,045 deserving workers in six months

The Nigeria Social Insurance Trust Fund (NSITF) says it has paid N529.96 million as claims and compensation to 69,045 deserving workers in six months.

Michael Akabogu, managing director of the NSITF, disclosed this recently at an interactive session with journalists on the activities of the Fund in Abuja.

Akabogu said NSITF is poised to chart a new course of action that will position the Fund in a positive light and intention to reach all vulnerable Nigerians and employees through the Employees’ Compensation Scheme (ECS).

“We would aim to create pathways to widen the spread of our enrollee and most importantly, improve on and ensure prompt payments of Claims and Compensations to give value for money to all the Contributors in our Employee Compensation Scheme,” he said.

“In addition, it may interest you to know that NSITF in last two quarters spanning from the month of June to November 2021, paid a total sum of N529,962,770.07 as Claims and Compensation.”

Akabogu explained that the claims were for medical expenses refunds, loss of productivity to employers, a death benefit to next of kin, and disability benefits to employees.

Other claims that were attended to by the management were the benefits to beneficiaries of deceased employees and the retirement benefits on behalf of disabled employees.

“We will also increase the productivity of every Department of the Fund and use quantifiable metrics to measure our performance in the weeks and months ahead and ultimately reward excellent and outstanding service while maintaining an utmost commitment to staff welfare,” he added.

“These would indeed be the key objectives amongst many others upon which the new management seek to be evaluated at the close of its tenure.

“We are poised to chart a new course of action that will position the Fund in the positive light, away from the overwhelming series of bad press and setbacks owing to some of the past activities revolving around leadership failures, embezzlements, and misappropriation of funds.”

He further stated that some of the efforts made towards repositioning the Fund were the redeployment of 3.000 staff across its 56 branches and 11 regions, majorly to their areas of competencies to strengthen its operations.