Fund renews commitment to protecting workers and promoting workplace safety through robust risk management
The Nigeria Social Insurance Trust Fund (NSITF) has reaffirmed its commitment to expanding and strengthening its risk management framework as part of a broader effort to improve social security services and bring more Nigerians into the safety net.
This was highlighted by Oluwaseun Falaye, Managing Director and CEO of NSITF, during a courtesy visit by leaders of the Chartered Risk Management Institute (CRMI) to the Fund’s headquarters in Abuja.
Building a Resilient and Future-Ready Fund
Falaye emphasized that risk management is the backbone of NSITF, essential for safeguarding Nigerian workers and ensuring businesses comply with social security regulations.
“When we strengthen our risk framework, we strengthen the safety net for millions of Nigerian workers. Risk management is not just a technical function; it underpins the resilience of our institution,” Falaye stated.
He further noted that collaborating with professional bodies like CRMI would enhance institutional knowledge, helping the Fund anticipate, mitigate, and manage both operational and systemic risks effectively.
Deepening Knowledge on Employees’ Compensation Scheme (ECS)
Falaye called on CRMI to incorporate the Employees’ Compensation Scheme (ECS) into its curriculum, stressing that finance, insurance, HR, and related professionals must understand the risks companies face when they fail to provide adequate social protection for employees.
“Deepening ECS knowledge is essential. The absence of a social safety net poses a major risk to any business. Protecting workers is the first step in protecting productivity,” he said.
He also highlighted the importance of ongoing education for stakeholders, employers, and industry practitioners on ECS provisions and the broader significance of workplace safety.
“Our role is to safeguard the most important asset of any organization—its people. Risk management must translate into real-life protection for Nigerian workers,” Falaye added.
CRMI Commends NSITF Leadership
Responding on behalf of the CRMI delegation, Chief Registrar Dr. Victor Olannye commended NSITF for the visible transformation under Falaye’s leadership since July 2024.
“The professionalism and transformative leadership you bring to NSITF are truly commendable. We applaud the progress you are driving and the renewed confidence you are inspiring,” he said.
Dr. Olannye affirmed CRMI’s readiness to partner with NSITF to advance national development through enhanced risk governance, capacity-building, and the promotion of global best practices.
“CRMI stands fully prepared to collaborate with the Fund in strengthening the culture of excellence in risk management for sustainable social security delivery and national growth,” he added.
Driving Social Security Growth Through Risk Excellence
The renewed focus on risk management positions NSITF to better protect Nigerian workers, improve compliance among businesses, and deliver efficient, future-ready social security solutions. By leveraging professional partnerships and promoting ECS knowledge, the Fund is setting the stage for a more resilient, inclusive, and secure workforce.
