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Our Success not measured by Claims and Compensations alone – NSITF

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… Kano set to key in.

The Nigeria Social Insurance Trust Fund has explained that the payment of claims and compensations does not alone measure the success of the organization, as the prevention of accidents is the first process in Employees’ Compensation.

Adegoke Adedeji , Executive Director, Finance and Investment NSITF

“ The prevention of accidents through robust occupational safety and health(OSH) programmes is the first step in the processes of the Employees’ Compensation. The payment of claims and compensations is therefore inversely proportional to this.

The Fund offered the explanation through its Executive Director, Finance and Investment, Adegoke Adediji , while receiving members of the Nigeria Council of Registered Insurance Brokers (NCRIB) on behalf of the Managing Director of the NSITF, Maureen Allagoa Esq.

Adedeji who cleared the air over a recent misconception about the mandate of the NSITF in a section of the press, said, the successes of the Fund cannot alone be measured by the amount paid as claims and compensations because effective OSH programmes slow down workplace accidents.

Adegoke Adedeji , Executive Director, Finance and Investment NSITF

“Measuring the progress of the NSITF by the number of claims and compensations paid is a very poor grasp of our mandate and operations. By ECA 2010, occupational safety and health is in inverse proportion to claims and compensations. When the occupational safety and health programmes (OSH) are top notch and producing results, the rate of workplace accidents that trigger claims and compensations declines. When OSH is not active, the reverse becomes the case.

“A well-managed NSITF primarily seeks the reduction of workplace accidents. This is the first step our management takes through a robust pursuit of occupational safety and health programmes. But if accident occurs, we follow up with rehabilitation. Then payment of claims and compensations, where necessary.

“And the NSITF has been discharging all obligations on the payment of compensations to employees and their dependents for death, injury, disability arising out of or in the course of employment. We rehabilitate those who suffer workplace disabilities.

“In fact, we have a case in hand where we’ve paid close to 70 million at N1.3 million every month and another where the Fund pays about 1.5 million every month and will continue paying till the last child is 21 years of age.

“But while we do this, we intensify accident prevention programmes, even collaborating with other agencies and relevant stakeholders to emplace occupational safety and health(OSH) standards in all workplaces enrolled with the Fund. This is the charge of our active OSH department in our 57 branches and 12 regions across the country.”

Adedeji also affirmed that the current management has a clear road map for the future of the Fund, stating that the NSITF is changing with the times in terms of rules and operations. He, however, insisted that the Fund’s tripartite stakeholders are involved in all major administrative decisions, including the recent introduction of fees for fresh registration and for compliance certificates.

He further assured the Council of Registered Insurance Brokers that the NSITF would consider its request for collaboration, adding that both organisations have similar roles in the world of work.

Earlier in his presentation, the President of the NCRIB, Babatunde Ogunlade, commended the Nigeria Social Insurance Trust Fund(NSITF) for expanding the reach of social security services in the country.

While stating that the visit was to seek areas of partnership and collaboration between the NSITF and a vibrant community of registered insurance brokers across the federation, Ogunlade said the two organizations have a common goal of securing the social security and well-being of all Nigerians.

He said, “We must mention that the NSITF has done very well. Your operations are getting noticed, and people are beginning to see the need to comply with you and understand the essence of the Employees’ compensation in the life of workers.”

“What we bring on board is collaboration. We are far reaching. We have over 600 corporate bodies. We have over 15,000 members. We can collaborate and bring more companies, more money. But you propose a certain percentage we can earn by helping to do the work.

“We can bring in an aggregate of 30 to 50,000 small corporates, they don’t have to be limited, everybody suffers the risk of disability once you have an employee, even if it is two-member employee.

“More SMEs are coming up. The large corporates are things of the past, they will continue to dwindle, except in government agencies. The small corporates are coming up. We will collaborate in this area. Bring brokers on board, and we help you straighten the rough edges and bring in more SMEs into the net.”

Also on hand to receive the visitors were the NSITF’s heads of departments, including the General Manager, General Administration and Services, Jonah Nedemaya, who himself has a vast knowledge of the insurance industry.

Meanwhile, the Kano State Government has declared that its zeal and commitment to the welfare of the Kano workforce and citizenry have similar intendments with the Employees’ Compensation Scheme of the NSITF.

The Kano State Head of Civil Service, Alhaji Abdullahi Musa, made the declaration while receiving an advocacy team from the Kano Branch of the NSITF led by Haruna Mohammed. Noting that the ECS would further strengthen a range of social security benefits which Kano extends to her people, Musa assured that the state would key into the scheme as well as make the ECS compliance certificate mandatory for contract bidders.

The Head of Service who received the NSITF team in the company of his Permanent Secretary Establishment, Mohammed Jalo, Permanent Secretary, Salaries and Wages, Ibrahim Boyi and Director Administration and General Services, Umma Dallat further requested a detailed proposition to enable the state government to take a position at the earliest date. Among the NSITF team to the Kano State Secretariat were Idi Audu, Ahmed Suka and Abudrahman Tafida.

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PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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