NSITF Successes Beyond Claims, Compensations Payment – Allagoa

The Nigeria Social Insurance Trust Fund (NSITF) says the payment of claims and compensations does not alone measure the successes recorded by the Fund

Mrs Maureen Allagoa, Managing Director of  NSITF, said this on Wednesday in Abuja while receiving members of the Nigeria Council of Registered Insurance Brokers (NCRIB) in her office

Allagoa, represented by Mr Adegoke Adediji, Executive Director, Finance and Investment, said that the explanation was imperative as there had been a recent misconception about the mandate of the NSITF.

According to her, the successes of the Fund could not alone be measured by the amount paid as claims and compensations.

“This is because the prevention of accidents through robust Occupational Safety and Health(OSH) programmes is the first step in the processes of the Employees’ Compensation.

“The payment of claims and compensations is therefore inversely proportional to this,” she said.

Allagoa reiterated that, measuring the progress of the NSITF by the number of claims and compensations paid iwas a very poor grasp of the Fund’s mandate and operations.

According to her, when OSH programmes are top notch and producing results, the rate of workplace accidents that trigger claims and compensations will decline.

Allagoa noted that the NSITF had been discharging all obligations on the payment of compensations to employees and their dependents for death, injury, disability arising out of or in the course of employment.

She said that the Fund has also been rehabilitating those who suffered workplace disabilities.

“In fact, we have a case at hand where we have paid close to 70 million at N1.3 million every month.

“We also have another case  where the Fund pays about 1.5 million every month and we will continue paying till the last child is 21 years of age, ” she said. Naira Devaluation Deepens Economic Crisis in Nigeria

Earlier, Mr Babatunde Ogunlade, President of NCRIB commended the Fund for expanding the reach of social security services in the country.

Ogunlade said the visit was to seek areas of partnership and collaboration between the NSITF and a vibrant community of registered insurance brokers across the federation

He said the two organisations have a common goal of securing the social security and well-being of all Nigerians.

“We can collaborate and bring more companies, more money. But you wiill propose a certain percentage we can earn by helping to do the work,” he said

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