The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Dr. Michael Akabogu, has revealed that the agency has raised N180 billion from employers’ enrollment from July 2011-May 30, 2021.
He also said that plans were afoot to plug revenue leakages, even as he warned the public to be wary of fraudsters masquerading as agents of NSITF.
At an interactive session with Finance Journalists in Abuja on Thursday, Akabogu also stated that the scheme has registered almost 200,000 employers. Out of this number, 170,000 employers are actively involved in the scheme by making their contributions steadfastly.
He added: “We have collected both from the private sector who have contributed about 80% of the total revenue and we have collected from the government and all other agencies, so we have raised about N180 billion over 10 years, from inception.
In terms of paying compensation, he added that 52,000 enrollees have benefitted from the scheme. “We pay as much as N1.5 million every month until the last child in the beneficiary’s family attains the age of 21.
“Some get N1.3 million because their spouses worked and died in the course of work. It is paid on or before the 20th of the month”, Akabogu stated.
He explained that the primary mandate of the NSITF was to take care of injured employees.
“Before, we had a 14 day period – the time that the case is reported to the time that the payment is made. But when we came in, we decided that we have to develop an automated platform which is currently in the works to shorten the payment period to a maximum of 10-11 days.
“Before now, files were carried and treated manually. If the MD is not on seat for three to four days. Things get stagnated till he’s back. We want to do away with that process. Now the MD can deal with files electronically. It boosts efficiency and productivity”, he said.
He said the new management at NSITF remains resolved to take away the agency from its controversial past and build a new future in line with the Employees’ Compensation Act of 2010.
Akabogu said, “The cardinal focus of this new management is to ensure proper conduct of the affairs of the agency as the only way to restore the confidence of the Nigerian public in the administration of funds, collected for the execution of the Employee’s Compensation Act, 2010, the major mandate of the Fund.
“Any deviation from this well laid path to efficient and honest stewardship is a return to the dark days, which we collectively assured President Muhammadu Buhari and the people of Nigeria, through the Minister of Labour and Employment, the day we were inaugurated, that we shall sacrifice anything to guard against,” he said.