Abuja, Nigeria: The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Dr. Oluwaseun Faleye, has raised concerns over fraudulent activities and low participation in the country’s social insurance initiatives.
Speaking at the West Africa Technical Workshop of the International Social Security Association (ISSA) held in Conakry, Guinea, Dr. Faleye emphasized that the prevalence of falsified claims poses a significant threat to the integrity and financial stability of the fund.
Delivering a presentation on the strategic role of actuarial practices in enhancing the delivery of social insurance at NSITF, he pointed to the ongoing challenges of partial digital integration and weak institutional collaboration, which continue to hinder the effectiveness of Nigeria’s social security framework.
Dr. Faleye also expressed concern over the poor enrollment rate in the Employee Compensation Scheme, which is designed to provide financial support to workers affected by workplace injuries or fatalities.
According to him, the largely unregulated informal sector—accounting for approximately 80% of Nigeria’s economy—has contributed to limited enrollment, thereby weakening the safety net intended for the workforce.
He affirmed that Nigeria’s engagement with the ISSA would serve as a strategic move to align with international standards and enhance the fund’s capacity through global best practices.
Participation in such international forums, he said, is critical to repositioning the NSITF for long-term sustainability and improved service delivery.
By Taiwo Olatinwo/ May 12, 2025
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