Chris Ngige, minister of labour and employment, has inaugurated a presidential joint board and audit panel to probe the alleged mismanagement of N3.4 billion by Adebayo Somefun, suspended managing director of the Nigeria Social Insurance Trust Fund (NSITF).
The committee is chaired by Ibrahim Khaleel, president of the National Union of Local Government Employees (NULGE) and chairman of the audit committee of the NSITF board.
Ngige, who was represented by William Alo, permanent secretary of the federal ministry of labour and employment, said the eight-member committee has three weeks to submit its report.
On July 1, Ngige suspended the management of NSITF but Somefun rejected the suspension.
Somefun was accused of “misappropriation and other gross misconduct”.
The minister alleged that while the sum of N2.3 billion was already paid for “non-existent staff training”, N1.1 billion is being processed for the same purpose.
During the inauguration, the minister explained that NSITF was established to address the socio-economic needs of workers by providing compensation to insured employees who suffer from occupational diseases, injuries or disability from accident or death in the course of employment.
He said in order to discharge this duty, the NSITF act provides that employers of labour should make financial contributions to the fund of the NSIT.
Ngige, however, noted that it had become worrisome that there are issues emanating from the management of funds entrusted to the agency, especially when done contrary to due laws and regulations.
“The NSITF is a government-owned human centered entity which was established to address the socio-economic needs in the world of work by providing compensation to insured employees who suffer from occupational diseases, sustain injuries or disability from accident or even death during or in the course of employment,” he said.
“In order to discharge this very noble mandate, the NSITF enabling act provides that employers of labour should make financial contributions to the fund of the NSITF. This includes employers in both the private and public sectors of the formal economy and the NSITF is the statutory custodian of these funds.
“It becomes very worrisome when there are issues surrounding and emanating from the management of these funds entrusted to NSITF, especially when seemingly done in transgression of extant rules, regulations and laws guiding due processes for the management of funds and general conduct/ethics in the public service.
“This becomes even more worrisome when preliminary investigations yield alarming results.”
Falekulo Emerges New MD Of Nigeria Re
Mr Olugbenga Falekulo has been appointed as the new Managing Director of Nigeria Reinsurance Corporation, as part of efforts to ensure that the Reinsurance firm continue in its quest for transparent and accountable management of insurance in the country.
Falekulo, with over 25 years of experience spanning across the sector, said he brought his wealth of experience and professionalism to the fore.
The new Managing Director stated that he and his team are prepared to take Nigeria Re to the next level in the market.
Although he did not disclose the strategic plans the new new management have put together, he assured that Nigeria Re is taking a new dimension in the insurance industry, promising that a new era is here for the company.
He has BSc in Insurance, Masters in Business Administration, and he is also a.member of the Chartered Insurance Institute of London.
Prior to this appointment, he had worked with NICON Insurance, Great Nigeria and Continental Re. He left Continental as an Exexutive Director before in 2014 and went into his private business.
He is well travelled and has attended so many courses within and outside Nigeria. He is married with children.
Nigeria Reinsurance has Mr Mela Audu Nunghe as its Chairman, Falekulo as Managing Director/Chief Executive Officer, Mr Olusegun Ilori as Executive Director, Finance & Administration, Mr Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director, and Mrs Yvonne Isichei as Non-Executive Director (Independent).
Nigeria Reinsurance was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria. In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has been in operation for over 40 years, is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.
Pension Fund Assets Now N12. 7trillion, Contributors 9. 4million
By Sola Alabadan
The pension fund assets accumulated under the Contributory Scheme in Nigeria was N12.66 trillion as at 30 June 2021, while the number of registered contributors has grown to 9.38 million, the Director General, National Pension Commission (PenCom), Aisha Dahir-Umar, said.
She stated this at the workshop organised PenCom for journalists in Lagos on Monday. The theme of the workshop was “Positioning the Pension Industry in a Post COVID Era”.