From Atiku Sarki, Abuja
The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Faleye, has identified fraudulent claims as a major challenge confronting the Fund.
In a statement issued on Monday in Abuja, the NSITF management revealed that Faleye made the remarks while speaking at the West Africa Technical Workshop of the International Social Security Association (ISSA), held in Conakry, Guinea.
His presentation, titled “Strategic Role of Actuarial Work in Strengthening Social Insurance Delivery at NSITF”, highlighted how the falsification of claims exposes the Fund to significant operational risks.
Faleye also noted that partial digitization hampers turnaround time and that limited collaboration with other social security institutions further undermines the effectiveness of Nigeria’s social security system.
He expressed concern over the low enrollment in the Fund’s flagship programme—the Employees’ Compensation Scheme—designed to provide relief to workers who suffer injuries or death in the workplace.
According to him, the largely unstructured informal sector, which constitutes about 80% of Nigeria’s economy, restricts participation and weakens the safety net intended for Nigerian workers.
NSITF’s participation in the ISSA workshop signals Nigeria’s renewed engagement with the international social security community, a move industry watchers say holds substantial benefits for the country.
The gathering provided Nigeria with a platform to stay informed on global best practices and current developments in the social security sector, thereby helping to reposition the NSITF for growth and long-term sustainability.
The workshop, themed “Actuarial Work for Good Governance and Financial Resilience of Social Security in West Africa,” also underscored, in Faleye’s words, “Nigeria’s bold step to reconnect with the international community through ISSA and align with global standards—especially in actuarial valuations essential for the sustainability of social insurance schemes and good governance.”
