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ASSBIFI NSITF Unit Commends Chairman, Hon Sola Olofin for Exemplary Leadership
The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI), NSITF Unit, has commended the Chairman of the Management Board of the Nigeria Social Insurance Trust Fund (NSITF), Hon. Sola Olofin, for his commitment to accountability, transparency, due process, and workers’ welfare.
The commendation came during a courtesy visit by the Union’s leadership to the Board Chairman at his office. The delegation was led by Comrade Bala Tijani, President of the NSITF Unit of ASSBIFI.
Speaking during the visit, Comrade Tijani praised Hon. Olofin for his reform-driven leadership and for being “a workers-friendly Chairman” who has brought renewed confidence and direction to the Fund. He also presented several key concerns of the Union for the Chairman’s attention.
Among the issues raised were:
1. E-NSITF Project – The Union reiterated its belief in digital transformation but expressed reservations about the current E-NSITF platform, alleging it has been marred by irregularities.
2. Consequential Adjustment of the New Minimum Wage – The Union noted that since the implementation of the new minimum wage in July 2024, consequential adjustments have yet to take effect at the NSITF. They informed the Chairman that a committee had concluded its report and submitted it to the Board through the Establishment Committee, urging him to consider a provisional approval pending full ratification at any upcoming board sitting.
3. Promotion – The Union lamented that staff promotions had been stagnant for over eight years, leading to frustration among workers. They appealed for urgent intervention to restore morale and motivation.
4. Amendment of the NSITF Act – The Union strongly opposed any attempt to alter the tripartite structure of the Fund, with Comrade Tijani emphasizing:
“We believe in the corporate governance framework of the Fund. There must always be checks and balances so that no single person wields total control over workers’ contributions.”
The Union leaders also appealed for a more harmonious working relationship between the Board and the Executive Management of the Fund.
In his response, Hon. Sola Olofin thanked the Union leaders for their visit and constructive engagement. He reaffirmed his lifelong commitment to transparency, accountability, and due process, noting that his primary goal is to “leave the Fund far better than I met it.”
The Chairman clarified that he has confidence in the Executive Management prowess in implementing resolutions of the Board in other transform the NSITF, and also emphasized that his major and only concern is ensuring that all actions of the Fund align with the provisions of the law and strict conformity with rule of law.
Addressing the concerns raised, Hon. Olofin assured the Union that the Board under his leadership would act swiftly and positively on their requests as long as it’s presented for consideration by the Executive Management in accordance to guidelines. He also promised to investigate the claims of their dissatisfaction with the E-NSITF system but noted that available records indicate that due process was followed, including approvals from the Federal Executive Council (FEC) and the Infrastructure Concession Regulatory Commission (ICRC), as well as a valid court judgment affirming the contract. On the proposed Amendment of NSITF act, the chairman emphasized on the need to consult widely with stakeholders particularly Employers who contribute integral parts of the fund and Labor Union going forward as the l
existing proposed amendment does not protect the interest of the Nigeria workers but few individuals.
He urged the Union leaders to always stand for the truth, fairness, and due process, saying:
“My leadership stands for fairness and justice. Let us all work in the best interest of the Fund and the Nigerian worker.”
The Chairman thanked the delegation once again for their visit and reaffirmed his unwavering dedication to the growth of the Fund and the welfare of its workforce.
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