Barrister Oluwaseun Faleye, the newly appointed Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), officially assumed office on July 15, pledging to institute comprehensive reforms aimed at enhancing the agency’s performance during his tenure. CHRISTIAN APPOLOS writes on the task ahead of the new chief.
On his first day, Faleye, renowned for his legal expertise and corporate finance acumen, arrived at the agency’s headquarters accompanied by the newly appointed Executive Director of Operations, Honourable Mojisolaoluwa Alli-Macaulay. They were warmly received by Professor G.O.C Okenwa, Executive Director of Administration and Babatunde Adedeji Adegoke, Director of Finance and Investment.
The new Managing Director of NSITF also had friends and associates in his company. He immediately undertook a thorough familiarisation tour of the NSITF’s 19 departments, followed by an inaugural meeting with department heads to facilitate a formal handover process. The meeting, which included participation from regional heads via Zoom and live streaming for nationwide staff, set the stage for his agenda of organisational revitalisation.
The NSITF has witnessed leadership changes and faced corruption allegations in recent years, impacting its reputation. The fund had three Managing Directors and one acting Managing Director between 2017 and 2024. Within this period, the agency was in the news for various allegations of corruption. The trend, however, subsided following the immediate past Managing Director’s strides in restoring credibility and expanding the Employees Compensation Scheme (ECS) nationwide, which Faleye aims to build upon.
In his address to staff, Faleye emphasised collaborative efforts to achieve sustainable organisational growth, promising thorough departmental assessments and improved welfare measures.
He commended staff for their dedication in delivering ECS benefits across Nigeria. With optimism and determination, Faleye acknowledged the challenges ahead but affirmed his readiness to navigate them effectively, drawing on his experience and commitment to advancing NSITF’s mandate as the nation’s premier social security agency.
“My mission is to join hands with the existing stakeholders to build a much more sustainable organisation. I am new and yet to know all the issues. However, we will put our heads together to find solutions. We shall build a much more vibrant NSITF that can deliver its mandate to its key stakeholders, especially the Nigerian workers and employers as well as the staff of the fund.
“Please bear in mind that my intention is to leave this organisation much better than I met it. It is a worthwhile dream, given the impact we have in the generality of the world of work.
“At the core of this is some level of organisational restructuring and I have no doubt about that. What that organisational restructuring will be, the days ahead will determine. But most importantly to note is that the essence of that restructuring is to create some level of efficiency in our service delivery,” Faleye said.
In what seems to be a departure from the past norms, Faleye extended gratitude to his predecessor and highlighted a respectful transition despite challenges, signalling a departure from past adversities. He aims to leverage his experience and political network to accelerate NSITF reforms and enhance service efficiency.
“I want to use this opportunity to thank the former Managing Director for being gracious enough to provide a handover note though she was not able to present it physically. I have spoken to her to indicate that irrespective of the manner of exit, I would have appreciated an opportunity to formally meet and exchange this document and information and, of course, thank her for her service to the organisation. I hope we will be able to do that in the coming days because irrespective of sentiments, she has given time and effort to lead the organisation and that should be applauded and appreciated,” he said.
In her remarks, the Executive Director, Alli-Macaulay, echoed Faleye’s sentiments, stressing the importance of lawful practices and fostering positive relationships within the agency and with stakeholders, saying: “What is necessary is lawful. It is necessary to meet one another, see each other’s faces, also encourage one another, raise each other’s hope and also relax anxiety.”
She further assured of a smooth working relationship between the new executive and other stakeholders of the fund.
Earlier, the Director of Finance and Investment, Adegoke Adedeji, a chartered accountant and a long standing staff of the agency, pledged support to the new Managing Director, urging him to use the connections and power of his office to accelerate the reform of the agency. He said this following his presentation of the handover note of the former Managing Director to Faleye.
Also, Professor Gabriel Okenwa, the Executive Director of Administration of the Fund, likened Faleye’s leadership to a guiding light for NSITF’s future, endorsing his appointment as pivotal for the agency’s trajectory under President Bola Tinubu’s administration.
He commended the sterling qualities of both the new Managing Director and the Executive Director, Operations, adding that President Tinubu could not have made a better choice.
Asked to give insight on the unexpected dispositions of the new chief of the fund, the General Manager, Corporate Affairs, Godson Nwachukwu, said the disposition of the Managing Director was in tandem with what the Executive Director Administration, Prof, Okenwa, had told the staff in a meeting earlier before that day.
“The new Managing Director has asked me to tell you that his appointment is not a military coup and that the growing anxiety which attended such exercises in the past should be deescalated,” he said.
NSITF faces several challenges in delivering Employee Compensation Scheme (ECS) benefits and others including low employer compliance: many employers fail to register or remit contributions, reducing the fund’s capacity to pay benefits. Inadequate funding: insufficient funds to meet the demands of beneficiaries, leading to delays or incomplete payments. Bureaucratic hurdles: slow processing and approval of claims due to inefficient administrative structures. Lack of awareness: limited knowledge among employees and employers about ECS benefits and procedures.
Inefficient claims processing: manual processes and inadequate technology hinder swift and accurate claims processing. Corruption: mismanagement and embezzlement of funds, reducing the scheme’s effectiveness. Legal challenges: contestation of claims and benefits, leading to lengthy legal battles. Inadequate infrastructure: insufficient resources, including technology and personnel, to efficiently manage the scheme.
These challenges hinder the effective delivery of ECS benefits, causing delays and difficulties for beneficiaries. Addressing these challenges is crucial to improving the scheme’s efficiency and effectiveness. And all eyes are strongly on Oluwaseun Faleye, the newly appointed Managing Director and Chief Executive of NSITF, in hope that he will change the narrative for the better.
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