NSITF Board chair, Olofin, meets union leaders on digitalization, wage implementation

The Chairman of the Nigeria Social Insurance Trust Fund (NSITF) Management Board, Hon. Olusola Olofin, on Thursday, November 6, 2025, met with the leadership of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), NSITF Unit, at the Fund’s headquarters in Abuja.

According to a statement made available to newsmen, the meeting focused on key institutional matters, staff welfare, and ongoing reform initiatives aimed at enhancing transparency, efficiency, and industrial harmony within the Fund.

Key issues discussed according to the statement include :”1. 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.

” 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.

” PricewaterhouseCoopers (PwC) Report:
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.

“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 response, Hon. Olofin commended the Union for its constructive engagement and reaffirmed the Board’s commitment to fairness, accountability, and improved staff welfare.

He noted that the Board was awaiting the official submission of the Consequential Adjustment and PwC reports for review and ratification, assuring that appropriate actions would follow once they were received.

On the E-NSITF Digitalization Contract, the Chairman disclosed that he was yet to be fully briefed on the matter but would seek further clarification to obtain accurate details. He, however, restated his commitment to advancing digital transformation across NSITF operations to boost service delivery and institutional efficiency.

Hon. Olofin also emphasized the need for inclusive stakeholder input in the legislative amendment process to ensure that no revised section undermines the statutory authority of the Board or hinders effective governance.

He underscored the importance of improved synergy between the Board and Executive Management to guarantee timely payment of claims and compensation to beneficiaries.

The Chairman lauded the ASSBIFI-NSITF leadership for its collaborative approach and assured continued engagement with stakeholders to reposition the Fund for the benefit of Nigerian workers and future generations.