…MD NSITF, Seun Faleye, Emphasizes Commitment to SME Inclusion

The Nigeria Social Insurance Trust Fund (NSITF) announced that it has disbursed a total of N6.6 billion in compensation to employees across the country since its inception. The fund has disbursed N6.6 billion in claims and compensation to 103,000 beneficiaries.

Executive Director of Operations, Hon. (Mrs) Mojisolaoluwa Ali-Macaulay, shared the news at the ongoing Lagos International Trade Fair on NSITF’s Special Compliance Day.

Ali-Macaulay emphasized NSITF’s commitment to extending the benefits of employee welfare programs to the informal sector, particularly targeting small and medium enterprise (SME) owners for enrollment of their workers. “Compliance with this Act is not only mandatory but essential for safeguarding employee welfare. It serves as both legal and financial protection for employers and enhances employee morale and productivity,” she noted.

Managing Director of NSITF, Seun Faleye, highlighted the agency’s proactive role in supporting SME owners to understand and meet their obligations under the law. “NSITF is dedicated to ensuring that all employees, especially those in SMEs, are adequately protected under the Employee Compensation Scheme. Our focus is on expanding coverage within the informal sector and providing support for employers to comply with regulations seamlessly,” Faleye stated.

Faleye further affirmed that NSITF is intensifying its efforts in raising awareness about the benefits of employee compensation.

At the trade fair, Ali-Macaulay also commended the positive response of employers nationwide who have already complied with the scheme. She encouraged more employers to participate, reiterating that NSITF remains committed to offering guidance and support to help both employers and employees fulfill their obligations under the Employee Compensation Act effectively.