We will change negative narratives about NSITF, pledges new MD, Dr Akabogu

The newly-appointed Managing Director and CEI of Nigeria Social Insurance Trust Fund (NSITF), Dr Michael Akabogu, has given a firm commitment that the new management and staff would change
the negative narratives about the organization.

He also promised that his team “is ready to deliver on its mandate and change the public perception about the Fund.”

Speaking at a maiden media parley in Abuja, Akabogu, who has served in different capacities in the organization over the years, said:” We are fully aware of the issues and challenges plaguing the Fund.

“I urge all staff to be fully committed to attempts in changing the negative narratives around it.”

On his appointment, Akabogu said it came at a time when the Fund is undergoing various levels of restructuring owing to past challenges.

Noting that under the new dispensation, while the focus will be on fulfilling the core mandates of the Fund and restore confidence in their processes and dignity, he said the board would aim to create pathways to reward excellent and outstanding service, while maintaining an utmost commitment to staff welfare.

Other key objectives, according to him, will be to increase the productivity of every department of the fund and use quantifiable metrics to measure its performance in the weeks and months ahead and improve on and ensure prompt payments of claims and compensations to give value for money to all the contributors in their Employee Compensation Act (ECA) scheme.

The MD also revealed that the number of registered employers on the scheme as of June 2021 stood at 117,163, and registered employees are 7,110,905, while since the inception of the fund, over 52,000 claims have been paid.

Also speaking, the NSITF Board Secretary, Mrs Ijeoma Okoronkwo, who is also the General Manager of SERVICOM, said the new board is open to various innovative ways to move the fund forward and appealed to Nigerians to allow for the revamp of the fund with constructive criticisms and suggestions.

Persecondnews recalls that NSITF was established by Act No. 73 of 1993 as a successor of the defunct National Provident Fund (NPF) which had been in operation since 1961. The NPF was mainly a saving scheme with an equal amount of contributions drawn from both the employer and employees.