By Victor Ahiuma-Young

The Nigeria Social Insurance Trust Fund, NSITF, has said it plays very crucial role in social security and  protecting employees from the financial burdens associated with work-related injuries, diseases, disabilities, and even death through the Employees’ Compensation Scheme, ECS. 

This came as the Fund’s Managing Director, Oluwaseun Faleye,  called for collaboration with the Economic and Financial Crimes Commission, EFCC, to deepen its activities.

Mr Faleye who spoke during courtesy visit to the EFCC headquarters in Abuja, informed that the ECS, which is funded by employer contributions, serves as a crucial social security initiative to safeguard employees’ welfare. 

It covers a wide range of benefits, including medical expenses, disability support, death benefits for dependents, and rehabilitation for injured workers. 

The scheme operates on a no-fault basis, meaning that employees receive compensation regardless of the cause of their workplace injury or illness.

According to him, The ECS absorbs the financial burden of work-related injuries, diseases, disabilities, or death, covering medical costs and compensation.

“While public institutions are expected to participate, EFCC’s voluntary subscription will align with best practices and reinforces its role as a compliant and responsible employer.

“Being an ECS subscriber will portray the EFCC as a socially responsible agency that prioritizes its employees’ welfare. By entrusting work-related injury compensation to NSITF, EFCC will focus on its core mandate of fighting economic and financial crimes”

The NSITF Managing Director proposed that EFCC’s participation could contribute to a deeper collaboration between the two organizations, particularly in areas of fraud detection and non-compliance. He suggested joint training sessions on fraud investigation and workplace safety, which could strengthen the integrity of the ECS and improve its overall effectiveness.

The partnership could be beneficial for both organizations, with the EFCC’s expertise in uncovering fraudulent claims and ensuring compliance enhancing the credibility of the ECS. 

In turn, NSITF would focus on administering the scheme efficiently, allowing EFCC to continue its critical work of fighting economic and financial crimes.

On his part, the EFCC’s Executive Chairman, Mr. Ola Olukoyede, who responded positively to the proposal, assuring the NSITF of enhanced collaboration.

 According to him “We will continue to collaborate with you, particularly in the area of the management of funds, which has to be done in the most transparent and accountable manner. That is what we are here for. We need to let you know some of the things we have discovered in the course of our investigation so that going forward, you will not make the mistake of your predecessors”

The Employees’ Compensation Scheme, established under the Employees’ Compensation Act of 2010, aims to protect employees across both public and private sectors by providing financial support for work-related injuries and illnesses. This initiative marks a significant step toward a more secure and supportive environment for Nigerian workers, ensuring that their well-being is prioritized.