NSITF Board Under Hon. Sola Olofin Reaffirms Commitment to Transparency and Workers’ Welfare
The Management Board of the Nigeria Social Insurance Trust Fund (NSITF), led by its Chairman, Hon. Sola Olofin, convened its 78th meeting on Monday, August 18, 2025, in Abuja.
In his opening remarks, Hon. Olofin emphasized the fiduciary responsibility of the Board to act with loyalty, care, and diligence, safeguarding the Fund’s assets, ensuring operational transparency, and strengthening accountability for the benefit of Nigerian workers under the Employees’ Compensation Scheme. He underscored that “every Board decision is a covenant with the Nigerian worker.”
The Chairman highlighted notable progress, including the approval of investments in Federal Government Bonds, which aligns with the Fund’s low-risk, high-safety investment policy; successful mediation between executive management, which has restored harmony; and reforms to reinforce institutional stability.
A major item on the agenda was the Finance Act 2021 and its implications for NSITF. Hon. Olofin cautioned against the possible misclassification of statutory contributions as federal revenue, stressing that such a move could threaten the autonomy and financial health of the Fund. He called for sustained advocacy with policymakers and regulators to protect the Fund’s mandate.
The Board also reviewed pending governance matters, including ministerial clarifications on departmental reassignment and ongoing litigation outcomes. Hon. Olofin reiterated the need for timely closure of these directives to uphold governance discipline and measurable results.
He reassured stakeholders that the Board remains committed to transparency, prudent management, and reforms that align with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, with the ultimate goal of strengthening protection for Nigerian workers.
Signed
Zach C. Hyellamada
PA to the Chairman, NSITF Management Board
