Dr Emmanuel Ulayi

“I have come into your midst to understand how you work and where you work. But what is key is to let you guys to know that we are here to achieve a purpose and that purpose is to drive the organisation further in a mutually beneficial arrangement where you guys that are doing the work are motivated and encouraged to do more for the success of the organisation because if an organisation is successful, it means that your stakeholders are happy and successful”. Mr Oluwaseun Mayomi FaleyeMD/CEO NSITF16th July, 2024.

With this statement; the MD/CEO of NSITF Mr Oluwaseun Faleye set in motion a new trajectory for Impactful Leadership for the Nigeria Social Insurance Trust Fund.

This premier Organisation is more positioned now to accomplish the Vision to be the leading Social Security Institution in Africa, setting the agenda for change, social policy, economic empowerment and poverty alleviation in Nigeria.

Mr Falaye’s strategy for driving the Mission of NSITF to be proactive in providing social security protection and safety nets for all Nigerians against deprivations and income insecurity following national and international laws, conventions and world best practice is indeed on course.

This opening speech on his assumption of duty is a committment towards a sustainable and efficient organization, leveraging on collaborations and acknowledging the importance of working with all stakeholders.The momentum has been built with major visits to several Stakeholders.

The Legislature represented by the National Assembly is very instrumental to the passage of the bill for an amendment to the provisions of the NSITF Act which is already in the national Assembly.

This very important legislation will back the provision of basic social security services to all Nigerians in law which includes the vulnerable and persons with disabililties. From the National Provident Fund (NPF)  establishment through an Act of Parliament in 1961 to providing a poverty alleviation measure as required by convention No.102 of the International Labour Organization (ILO) to protect private sector employees (whose employers were then mostly  multinationals) from financial difficulties in the event of either old age, cessation of employment, invalidity or death since most employers then did not have such provisions in their employment policie; Legislature has always given a legal backing for the operations of the Fund.

To further buttress the crucial role of the legislature in ensuring the apex social security agency in the country; the NSITF achieve it’s several goals the fund will be hosting a retreat for the legislators in Lagos this week, to brainstorm ways in moving the the fund forward. The initiative is obviously a midas touch from the Seun Faleye led management.

In 1992, the Technical Committee on Privatisation and Commercialization (TCPC) (now Bureau on Public Enterprise) recommended the repeal of the Act and partial commercialization of its activities which the Federal Government accepted promulgating the Nigeria Social Insurance Trust Fund (NSITF) to reflect a new role and objective. For more inclusion to implement Social Security Benefits to the aged, unemployed, for child welfare and the physically challenged; the Fund, under Section 71 of the Pension Reform Act, 2004, has been given the responsibility to provide “every contributing citizen Social Security Insurance Services other than Pension in accordance with the NSITF Act, 1993”.

President Bola Ahmed Tinubu in carrying out his promise for a renewed hope has provided an enabling environment for the NSITF to rise to the expectations of championing social insurance to help Nigerians be cushioned against economic hardships. This is the confidence that the MD/CEO exemplifies with his Charismatic approach to issues and deep understanding of the challenges that the NSITF has to overcome to be able to carry out it’s mandate.

The amendment to the Employees Compensation Act 2010 in order to strengthen the Nigeria Social Insurance Trust Fund (NSITF) and align its processes with current realities is a top priority to expand the mandate of the Fund.

This is as Nigerians want to continue to build their trust in Government to implement social safety nets for the most vulnerable. Achieving this will be a major highlight that history will record for this administration in addressing not just employees social needs but that of the vulnerable and persons with disability in Nigeria that no Government has been able to accomplish Mr Oluwaseun Faleye already has a trail of successes working in the Finance, Public Policy and Governance sectors.

He comes with the requisite experience and passion to drive change and impact in NSITF. He has certainly started well leading the Fund into a new dawn of carrying out the mandate of the Fund in ensuring that All Nigerians experience social insurance the way it should be in especially in the care of the vulnerable at par with other developing Nations!

This is the new dawn in NSITF