The Nigeria Social Insurance Trust Fund (NSITF) has announced plans to deepen and expand its risk management framework as part of a broader effort to bring more Nigerians under the national social security safety net.
Managing Director and Chief Executive, Oluwaseun Falaye, disclosed this during a courtesy visit by the leadership of the Chartered Risk Management Institute (CRMI) to the Fund’s headquarters in Abuja.
Falaye said the NSITF is committed to building a more resilient and future-focused institution capable of protecting Nigerian workers while helping employers recognise the importance of complying with social security provisions.
“Risk management is not just a technical function; it is the backbone of an institution like ours,” he said. “When we strengthen our risk framework, we strengthen the safety net for millions of Nigerian workers.”
He noted that closer collaboration with professional bodies such as CRMI would expand institutional expertise and enhance the Fund’s ability to anticipate, mitigate, and respond to operational and systemic risks.
Falaye also urged the Institute to integrate the Employees’ Compensation Scheme (ECS) into its curriculum, emphasising that professionals in finance, insurance, human resources, and related fields must understand the risks businesses face when they operate without adequate worker protection.
“The absence of a social safety net poses a major risk to any business,” he said. “Protecting workers is the first step in protecting productivity.”
He stressed the need for continuous enlightenment of employers, stakeholders, and industry practitioners on the mandatory provisions of the ECS and the broader importance of workplace safety.
“Our role is to safeguard the most important asset of any organisation—its people,” Falaye added. “Risk management must translate to real-life protection for Nigerian workers.”
Responding, CRMI Chief Registrar, Dr. Victor Olannye, applauded the NSITF’s reforms and praised Falaye for what he described as visible and meaningful transformation since assuming office in July 2024.
“The professionalism and transformative leadership you bring to NSITF are truly commendable,” he said, reaffirming the Institute’s willingness to collaborate with the Fund to advance national development through improved risk governance and global best practices.
Olannye added that CRMI is “fully prepared to work with the NSITF in strengthening a culture of excellence in risk management for national growth and sustainable social security delivery.”
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