Employee Compensation Scheme: Faleye Lauds Zenith as Late Bank's Staff Paid N15 Million Naira

Barr Oluwaseun Faleye, MD NSITF with the Executive Director of Zenith Bank, Dr Stella Adaobi Nwapa during the presentation of the cheque to the family of the late staff of the Bank in Lagos 

"NSITF would continue to pay the family of the deceased the monthly sum of six hundred and eighty one thousand, five hundred and ninety one naira and thirty two kobo (681,591:92) until the last child attained the age of twenty one."  Faleye.

In continuation of its resolution aimed at ensuring that enrollees of the Nigeria Social Insurance Trust Fund NSITF get their due payments, Managing Director of  NSITF, Barrister Oluwaseun Faleye, has lauded the management of Zenith Bank Plc for prioritizing employees’ welfare by enrolling staffers in the Employees Compensation Scheme of the Fund.

Speaking while presenting a cheque of fifteen million, six hundred and seventy six thousand, six hundred naira and thirty six kobo (N15,676,600.36) due the dependants of a deceased staff of Zenith Bank at the Bank's headquarters in Lagos Tuesday, Barrister Faleye revealed that NSITF would continue to pay the family of the deceased the monthly sum of six hundred and eighty one thousand, five hundred and ninety one naira and thirty two kobo (681,591:92) until the last child attained the age of twenty one. 

Barr Faleye stated that the compensation was in fulfilment of the Fund's mandate as stipulated in the Employee's Compensation Act 2010 that instituted the Employees Compensation Scheme. 

He enumerated the responsibilities of NSITF to include: provision of transparent and adequate compensation in case of work related diseases, disabilities, injuries and deaths; rehabilitation and support as well as promotion of workplace safety and health.

Barrister Faleye expressed his sympathy for the family of the deceased saying, "No amount of money can truly compensate for their loss and distress, but we are hopeful that this will ease some of their burdens and help them move forward with strength and dignity." 

He continued to applaud “Zenith Bank most profoundly, because without their compliance in the first place, we would not be here." The NSITF MD voiced his optimism that the partnership and collaboration between the two financial institutions would be sustained.

The Executive Director of Zenith Bank, Dr Stella Adaobi Nwapa, in her response appreciated the management of NSITF for living up to their responsibility. 

She said the relationship between the two organisations was built on mutual trust, values and a "common commitment to the welfare and development of the Nigerian workers."

The event was witnessed by the National President of NUBIFE, Comrade Anthony Akpaba, and the General Secretary, Comrade Muhammed Sheik, representative of NECA, Executive Director Operations of NSITF, Mojisola Ali-Macaulay and management staff of both organisations.