NSITF inaugurates compensation maintenance committee

Mrs Ngozi Olejeme, NSITF Boss

NSITF inaugurates compensation maintenance committee
Toyin Odesomi, Abuja

The Nigerian Social Insurance Trust Fund has inaugurated a committee that will establish and maintain compensation fund for employers and employees in the country.

Members of the committee otherwise known as Independent Investment Committee on Employees Compensation Fund were drawn from various institutions such as the Central Bank of Nigeria, Nigeria Investment Promotion Council and Labour Unions.

A laudable innovation

The Chairman of the Board of Directors of the Nigeria Social Insurance Trust Fund, Mrs. Ngozi Olejeme who inaugurated the committee described it as "a laudable innovation".

“I am glad to note that the committee’s work will not only assist the full Board in arriving at sound investment decisions but it will also go a long way in assuring contributors to the scheme as well as other stakeholders that there is transparency in the way funds under our custody are invested”, the chairman noted.

Responding on behalf of the committee, the President of the Trade Union Congress of Nigeria, Comrade Peter Esele, assured that the committee would put in their best to ensure prudent management of the compensation fund for the upliftment of the welfare of Nigerian workers.

“I have a stake in this just as every other member and so we would not want to fail members who look up to us", he said.

The setting up of the committee was part of the checks and balances put up by the Employees Compensation Act of 2010 to ensure transparency in the management of funds.

The committee is expected among other things, to carry out investment surveys in the economy and draw up a list of safe investment from time to time.

Iheanacho