The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Faleye, has urged the Economic and Financial Crimes Commission (EFCC) to enlist its staff in the Employees’ Compensation Scheme (ECS), as well as partner with the Fund for the benefit of both organizations and national governance.
Faleye who made the call when he paid a courtesy call on the Executive Chairman of the EFCC, Mr. Ola Olukoyede at its corporate headquarters in Abuja, noted that the ECS was a crucial social security initiative that enhances employee welfare and protection.
The NSITF boss while explaining that ECS contribution was a manageable percentage of employees’ total monthly emoluments, making it a predictable and budget-friendly obligation,.
enumerated the key benefits of the scheme to include: Coverage of medical expenses, disability benefits, death benefits for dependents and rehabilitation services for injured employees.
According to him, the mandate of the NSITF was to administer the scheme efficiently, ensuring that Nigerian workers were protected while organizations remain compliant.
Faleye assured the EFCC that by subscribing to the ECS, l the welfare and morale of the Commission’s staff would not only be enhanced, but it would demonstrate it’s commitment to the well-being of its workforce, boosting morale and productivity
He said: “The ECS absorbs the financial burden of work-related injuries, diseases, disabilities, or death, covering medical costs and compensation.
“While public institutions are expected to participate, EFCC’s voluntary subscription will align with best practices and reinforces its role as a compliant and responsible employer.
“Being an ECS subscriber will portray the EFCC as a socially responsible agency that prioritizes its employees’ welfare. By entrusting work-related injury compensation to NSITF, EFCC will focus on its core mandate of fighting economic and financial crimes”, he stated.
Reiterating the need for collaboration, Faleye noted that the EFCC’s insights on fraudulent claims and non-compliance could help NSITF enhance the integrity of ECS, even as he proposed joint capacity building sessions for personnel from both agencies on fraud detection and investigation related to workplace incidents and legal frameworks governing employee compensation and workplace safety.
Speaking further, Faleye noted that the NSITF could benefit from EFCC’s expertise in uncovering fraudulent ECS claims and enforcing compliance, strengthening the scheme’s credibility.
“We are eager to explore and formalize collaborative efforts between NSITF and EFCC for mutual benefit and national interest. We are open to any additional areas of collaboration that the EFCC may propose.”
In his response, the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, assured the Fund, of enhanced collaboration and involvement in the management of its fund.
“We will continue to collaborate with you, particularly in the area of the management of funds, which has to be done in the most transparent and accountable manner. That is what we are here for. We need to let you know some of the things we have discovered in the course of our investigation so that going forward, you will not make the mistake of your predecessors.”
