The Managing Director of the Nigeria Social Insurance Trust Fund,(NSITF), Barrister Oluwaseun Faleye has identified fraudulent claims as a core challenge facing the Fund.
Barrister Oluwaseun Faleye, who stated this at the West Africa Technical Workshop of the International Social Security Association(ISSA), held in Conakry, Guinea, where he spoke on the topic: “Strategic Role of Actuarial Work in Strengthening Social Insurance Delivery at NSITF,” lamented that falsification of claims exposed the Fund to operational risk.
He also stated that partial digitization often affect turn-around time and limited partnership with other social security institutions, describing it as one of the factors militating against effective social security system.
The NSITF Managing Director decried the low enrollment in the flagship scheme of the Fund, the Employee Compensation Scheme, which he stressed is designed to grant relief to workers who suffer workplace injuries or death.
According to him, the unstructured informal economic sector which makes up about 80% of Nigeria’s economy, limits enrollment and diminishes the safety nets for those enrolled.
NSITF’s attendance at the gathering indicates Nigeria’s return to the table at ISSA and the safety international scene of the social security industry while Industrial watchers opined that this comes with plenty of benefits for the country.
The gathering affords Nigeria the opportunity to keep abreast of international developments and global best practices in Social security sector to better reposition the Fund for growth and sustainability.
The workshop with the theme: ‘ “Actuarial work for good governance and financial resilience of social security in West africa”.’ In the words of the NSITF MD, further underscores a giant strive by Nigeria to connect back to the international community through ISSA in order to reposition the fund through the required guidelines especially in valuations that produces sustainability of the scheme and good governance.”
