NSITF Compensates Two Beneficiaries With 23 Million Naira

Oluwaseun Faleye Esq.
Managing Director NSITF 

“The compensation is in fulfilment of our mandate under the Employee Compensation Act, which is to provide open, transparent and adequate compensation for all employees or their dependants when accidents, deaths, or injuries occur in the course of work." Faleye.

In line with its mandate, the Nigeria Social Insurance Trust Fund, (NSITF) has presented cheques totaling #23,000,000 naira (twenty-three million naira) only, to two beneficiaries under its Employee Compensation Scheme.

The management of the Fund, (NSITF) led by its Managing Director, Barrister Olúwaṣeun Faleye, made the presentation on Monday in Lagos State, Southwest Nigeria.

One beneficiary, a widow of a deceased employee of MEDPLUS who died in a boat mishap while commuting from home to work, received a death compensation in the sum of N15,494,888:25 Kobo. While a cheque for the sum of N7,801,045 million was presented to a beneficiary who is  a staff of Alexander Marius Investment as medical expense refund.

Presenting the cheque to the widow, Barrister Faleye commiserated with her and the family of the deceased for the loss of their loved one. 

He acknowledged that no amount of money can bring back the dead or fill the void created by death, and assured the bereaved of the continued support from NSITF.

He stated that, “the compensation is in fulfilment of our mandate under the Employee Compensation Act, which is to provide open, transparent and adequate compensation for all employees or their dependants when accidents, deaths, or injuries occur in the course of work."

Cheque presentation @ Medplus Limited in Victoria Island, Lagos.

Barrister Faleye said further that the mandate of the NSITF was to "ensure that no one who is registered under the Employee Compensation Scheme is left behind when there is a crisis or injury."

Responding, the Head of Human Resource of MEDPLUS, Onojobi Tolulope, who represented the company's Managing Director thanked NSITF for coming to the rescue of the dependants of the deceased colleague and promised to galvanize fellow Human Resource practitioners in other companies to enroll their workers in the Scheme.

Under the Employees’ Compensation Scheme, aside the lump sum given as death compensation, the Fund takes care of the the family of the deceased until the children have graduated from university or reached the age of 21, which ever comes first, as there is a monthly stipend due them for the duration.

Cheque presentation of medical expense refund at Alexander Marius Investment, Ikoyi, Lagos

The presentations of the cheques were witnessed by a representative of the Nigeria Employers Consultative Association, NECA.

The NSITF boss and his management team will be presenting more cheques to more recipients today (Tuesday) in Lagos.