… Agencies to Develop Unified Framework for Enhancing Insurance and Social Security Services, MD Oluwaseun Faleye says
The Nigeria Social Insurance Trust Fund (NSITF) and the National Insurance Commission (NAICOM) have announced the formation of a 12-member joint committee aimed at fostering enhanced collaboration between the two institutions. This initiative marks a significant step in strengthening the synergy between both organizations for the benefit of Nigerians.
The formation of the committee was unveiled during a recent visit by NAICOM’s National Commissioner for Insurance and Chief Executive Officer, Olusegun Omosehin, to the NSITF headquarters in Abuja. The visit underscores the commitment of both agencies to working together to improve the nation’s insurance and social security landscapes.
According to a press statement released by Godson Nwachukwu, General Manager of Corporate Affairs at NSITF, the committee will be co-chaired by Arc. Kabir Ma’aji, NSITF’s General Manager of Compliance, and Mrs. Oluwatoyin Charles, NAICOM’s Director of Supervision. The committee’s primary task is to create a unified framework that will align the strategic interests of both entities, thereby enhancing operational efficiency and national productivity.
The committee will leverage the combined expertise of both organizations to develop comprehensive policy frameworks that aim to strengthen both the social and conventional insurance markets. Key areas of focus will include aligning operational standards, particularly in compliance and oversight, integrating the NSITF compliance certificate into NAICOM’s regulatory frameworks, and promoting collaborative data development and sharing. The committee will also work on joint initiatives to improve stakeholder education on the services offered by both agencies.
NSITF Managing Director, Oluwaseun Faleye, expressed optimism about the partnership, stating, “This partnership marks a pivotal moment for our sector. By aligning our strategic interests, we can significantly boost national productivity and operational efficiency.”
Echoing this sentiment, NAICOM CEO Olusegun Omosehin emphasized the importance of the collaboration in consolidating the insurance sector’s contributions to the national economy. “Our goal is to amplify the sector’s impact through effective partnerships with key institutions,” Omosehin noted.
In a related development, NSITF Executive Director of Operations, Honourable Mrs. Mojisolaoluwa Ali-Macaulay, continued her tour of NSITF branches in Gwagwalada, Kagini, and Jahi, reaffirming the agency’s commitment to overcoming its challenges. During her visits, she highlighted ongoing efforts in digitisation, staff welfare, and operational improvements, asserting, “The era of transformation for NSITF has begun. We are committed to reforming the organisation in line with the President Bola Tinubu administration’s eight-point agenda.”