From Atiku Sarki, Abuja
Barely a year into his appointment as Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Faleye has set the agency on a trajectory of reform, innovation, and improved service delivery, earning widespread acclaim for transforming the institution into a more responsive and effective social welfare body.
Appointed by President Bola Ahmed Tinubu on July 13, 2024, Faleye took over leadership of the Fund with a bold vision: to reposition and restructure the NSITF for efficient social protection services for Nigerian workers. Backed by world-class academic credentials—holding law degrees from Harvard Law School, University of Law, London, and the University of Liverpool—and over 20 years of senior managerial experience in the financial sector, Faleye was well prepared for the task.
True to his word, the new MD has rolled out a series of initiatives aimed at revamping the Fund’s operations and service delivery. Key among them is the motivation and upskilling of the workforce through improved welfare packages, consistent training, and retraining efforts. “A well-motivated staff is the bedrock of institutional success,” Faleye has often emphasized.
Stakeholder engagement has also received significant attention. Under Faleye’s leadership, NSITF has hosted multiple fora bringing together employers, labour unions, and government representatives to foster collaboration, transparency, and shared understanding of the Fund’s operations. These engagements have led to some elected lawmakers facilitating NSITF’s activities in their respective constituencies.
A landmark achievement in Faleye’s tenure is the ongoing digitisation and modernisation of NSITF’s operations. The reforms are aimed at ensuring operational efficiency, greater accessibility, and alignment with global best practices.
This includes a complete overhaul of the claims process which, according to official figures, resulted in the successful settlement of 22,350 compensation claims in 2024 alone—a record-breaking figure in the Fund’s history.
The Employee Compensation Scheme (ECS) has also been expanded, with Faleye pushing for the inclusion of Nigeria’s informal sector, which accounts for an estimated 85% of the active workforce. Significantly, the Nigerian Police Force has now been enrolled in the ECS under his leadership, further extending the Fund’s reach and impact.
In the area of workplace safety, the NSITF, in collaboration with the Nigerian Labour Congress (NLC) and the Nigeria Employers Consultative Association (NECA), has launched public awareness campaigns and training programs to promote safe working environments. The Fund has also conducted risk assessments for companies as part of its preventative safety strategy.
The cumulative impact of these reforms has not only revitalized the NSITF but has also contributed to improving workers’ welfare and enhancing Nigeria’s social protection landscape. Observers note that the improvements align closely with the broader economic progress recorded under the Tinubu administration.
“Since his appointment, the Fund has witnessed tremendous transformations in all aspects,” said Alexandria Mede, Deputy General Manager and Head of the Corporate Affairs Department at NSITF. “These changes are strengthening our mandate and delivering real value to Nigerian workers.”
With reforms still unfolding, many stakeholders see Barr. Oluwaseun Faleye’s tenure as a turning point in the Fund’s history—setting a new standard for social insurance and worker protection in Nigeria.
