The Federal Government has inaugurated the reconstituted Board of Management of the Nigeria Social Insurance Trust Fund (NSITF) with a charge to lead the Fund out of stagnation and corruption.

Minister for Labour and Employment, Dr Chris Ngige, while inaugurating the Board in Abuja, charged the members to work to reposition and revitalize the Fund to fulfill its mandate in accordance with the Act establishing it.

He enjoined the new management of NSITF to lead the organisation out of the stagnation in which the previous management had sunk it.

“Ladies and gentlemen, on your shoulders lies the burden of untying this organization from the tethers of stagnation. We must live down the past and lead a rewarding change in the fortunes of the NSITF.”

“The years of the locust are now over. The era of looting of N48 billion without a single voucher is gone for good.”

He directed that procurement in the organisation be done in accordance with Procurement Act 2007, Finance Act 2000, Financial Regulation and extant Government Circulars, especially on threshold of procurement items.

Ngige also urged the members to adhere strictly to “the statutory conditions of Service and remunerations for Board members approved by the Minister as enshrined in the NSITF Act.”

The Minister expressed optimism that the new management would steer the ship of the organisation well enough for it to perform creditably its principal mandate, which is implementing the Employee Compensation Act (ECA 2010).

The ECA 2020, according to him, provides for “a fair, guaranteed and adequate compensation for all insured employees in case of any injury, disease, disability or even death arising out of or in the course of work.”

The new management is required to forward a quarterly and annual report of its performance to the Ministry of Labour of Employment.

The inaugurated members of the Management Board of the NSITF are Dr Akabogu, Michael C. (Managing Director/Chief Executive); Mrs Akinwale, Caroline Temitope (Executive Director, Finance and Investment); Mrs Allagoa, Maureen (Executive Director, Administration); and Mr Gana, Modu (Executive Director,  Operations).

The rest are nominal members comprising Mrs Lauretta Adogu, Director, Department of Occupational Safety and Health, to represent Federal Ministry of Labour and Employment, and Alhaji Najeem Yasin, Deputy President,  Nigeria Labour Congress (NLC), representative.

Responding, Chairman of Board of NSITF, Prince Austin Enajemo Isire, commended the members of the Board of Management of the Nigeria Social Insurance Trust Fund (NSITF) for standing firm and accepting to serve.