By Jude Opara, Abuja
Institutional reforms and staff welfare were on the front burner when the leadership of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Nigeria Social Insurance Trust Fund (NSITF) Unit, met on Thursday, November 6, in a strategic engagement with the Chairman of the NSITF Management Board, Hon. Olusola Olofin, at the Fund’s headquarters in Abuja.
The meeting also deliberated on the ongoing reform processes within the Fund, as part of efforts to strengthen transparency, efficiency, and industrial harmony.
Other key issues discussed include: E-NSITF Digitalization Contract: The Union leadership presented its position on the alleged non-existence of a valid E-NSITF Digitalization Contract with P2E and called for its immediate discontinuation, stressing the need for due process and accountability in all contractual undertakings.
Also amendment of the NSITF Act and Employees’ Compensation Act (ECA):
The Union appealed to the Board Chairman to ensure broader consultation and consideration of stakeholders’ inputs in the ongoing amendment of the NSITF Act (1993) and the Employees’ Compensation Act (2010). It emphasized that the amendments should enhance operational efficiency and strengthen the Fund’s governance framework.
Implementation of the Consequential Minimum Wage Adjustment:
The Union drew attention to the delay in implementing the 2024 National Minimum Wage consequential adjustment, urging expedited action to address growing anxiety among staff.
The meeting further considered the report of the PricewaterhouseCoopers.
The leadership also called for the Board’s timely consideration and adoption of the most professional and equitable recommendations in the PwC report, in order to resolve long-standing issues of improper placement and delayed promotions.
Another important issue was the Board–Management relations; The Union appealed for improved synergy between the management board and the executive management team to foster industrial peace and a harmonious working environment for the collective good of the Fund.
In his his remarks, Hon. Olusola Olofin expressed appreciation to the Union for the engagement and assured that the Board remained committed to fairness, accountability, and improved staff welfare.
He stated that the Board was awaiting the official submission of reports such as the Consequential Adjustment and the PwC findings for its review and ratification, promising prompt action upon receipt.
On the issue of the E-NSITF Digitalization Contract, the Chairman disclosed that he was not fully briefed on the matter but would make further inquiries to obtain accurate details. He reaffirmed his commitment to driving digital transformation across all NSITF operations to enhance service delivery and institutional efficiency.
Hon. Olofin further underscored the importance of inclusive stakeholder consultation in the ongoing legislative amendment process, noting that this would ensure that no revised section weakens the statutory powers of the Board or hinders effective governance. He emphasized the need for improved collaboration between the Board and Executive Management to guarantee prompt payment of claims and compensation to beneficiaries.
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