Business
Our Success not measured by Claims and Compensations alone – NSITF

… 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.
Business
We didn’t shutdown Tummy Tummy noodles factory – NAFDAC
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.

The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a formal disclaimer concerning an audio recording circulating on social media.
The audio recording falsely claims the agency shut down the Tummy Tummy noodles manufacturing facility in Anambra State.
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.
According to her, the same audio first appeared in Oct. 2023 and was thoroughly investigated at the time.
“The claims made in the recording are entirely false.
“The Tummy Tummy noodles facility in Anambra State was not sealed,” she stated.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
-
News2 days ago
BREAKING: Natasha arrives at the National Assembly to resume duty
-
News3 days ago
Again, Court Refuses Yahaya Bello’s Travel Request for Medical Treatment
-
News2 days ago
UPDATE: Drama as security prevents Natasha from entering N’Assembly
-
Business3 days ago
GenCos Oppose Enugu’s Band A tariff cut to N160/kWh
-
Business2 days ago
NCS Replacing 4% import charges with 1% CISS import levy
-
Business2 days ago
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
-
News2 days ago
RULAAC Commends DSS DG’s Human Rights Reforms, Tasks IGP to Emulate Same in the Nigeria Police Force
-
Entertainment2 days ago
Malcolm-Jamal Warner, Cosby Show Star, Dead at 54