The Nigeria Social Insurance Trust Fund (NSITF) says it has successfully paid a total of over N306. 555 million as claims and compensation to registered employers, employees and their dependents in the last four months.
The NSITF Managing Director, Dr. Michael Akabogu disclosed this at a media interactive session on Tuesday in Abuja.
Akabogu represented by Mrs Maureen Allagoa, the Executive Director of Administration in the fund, said the interactive session was to examine the Second Quarter Scorecard of the fund.
“In the last four months, we have paid a total of N306, 554, 896, 23) as claims and compensations.
“These claims and compensations cover Medical Expenses Refund (MER), Loss of Productivity(LOP), Disability Benefits to injured employees, death benefits to next of kin of deceased and employers and retirement benefits to disabled employers,’’ he said.
The NSITF Managing Director said that the Fund had successfully processed a total of 23,455 Employees Compensation Scheme (ECS) applications across the 56 branches of the fund.
He said that the fund had issued 22,761) Employees Compensation Certificates in the last four months.
Akabogu said that the fund had commenced the automation of the NSITF operational processes through its E-NSITF project.
“This is in compliance with the Federal Government’s directive for ease of business and our desire to make sure that our employers experience eases as they do business with us.
“The E-NSITF project will among other benefits, block all financial and productivity leakages within the fund and measure staff productivity.
He said that in meeting its obligations under the Employees Compensation Act, and the NSITF Act, the Fund was committed to ideals of transparency, accountability, and prudence in the discharged its duties.
He added that the procurement processes of the NSITF were no longer executed by the management board of the fund but were now within the purview of the Ministry of Labour and Employment.
“This management in its bid to permanently reposition the fund is not only ensuring probity in its financial management.
“But it is also implementing strategic reforms such as increased utilisation of technology in its operation, redeployment of staff and units where skills and competence are being harnessed and utilised for the good of the fund and better service delivery,‘’ he said.
Akabogu said that the fund had been active in corporate social responsibility projects such as N1 million donation to Kpakando Foundation for physically challenged persons, sponsorship of vocational skill training among others.
Mrs Ijeoma Oji-Okoronkwo, the NSITF General Manager/Head Corporate Affairs/Board Secretary, said the management of the fund had commenced the extension of ECS to the informal sector.
She said this was to ensure that no workers both formal, informal and the organised private sector were left out from the social security safety net.
She noted that in repositioning of the fund for improved productivity, management had conducted trainings for over 1,531 of its staff in the period under review in strategic areas relating to their competences and job roles.