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ASSBIFI to partner NSITF to implement compensation scheme 


Oyinkan Olasanoye

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has pledged to partner with Nigeria Social Insurance Trust Fund (NSITF) to guarantee compliance with the Employees’ Compensation Scheme (ECS).

The National President of the Association, Oyinkan Olasanoye stated this when she paid a courtesy visit to the headquarters of the Fund.He said the partnership is needed to ensure maximum compliance by all the stakeholders.

Olasanoye expressed joy at the Federal Government’s initiative to establish a fund designed to rehabilitate and compensate injured employees.She maintained that the association would ensure that employers in the banking, financial and insurance sectors comply fully with the provisions of the ECS.


She said: “This association has all banks in Nigeria, except three; all insurance companies, except two; as well as many mortgage and micro-finance banks as members. It will stop at nothing to ensure that it becomes the number one policy marketer for ECS.”The ASSBIFI National President explained that it was in the interest of the association to make the scheme a huge success.

According to her, the scheme played a major role in the passage of the Employees Compensation Bill at the National Assembly, which culminated in the Employees Compensation Act 2010.

She reiterated that ASSBIFI also has a good relationship with state governors and government parastatals and would therefore like to explore areas of mutual benefit with the NSITF to advance the scheme.

The Managing Director of NSITF, Adebayo Somefun, commended the association for the zeal in ensuring the success of ECS.He said the House of Representatives was in the process of raising a motion that would compel public and private sector employers’ compliance to the scheme, describing the ASSBIFI partnership as timely and very important.

Somefun expressed appreciation for the maturity exhibited by the leadership of the association and assured that NSITF has been rebranded and positioned to deliver on its mandate.  

The NSITF boss also assured the ASSBIFI leadership of the management’s commitment to staff welfare, adding that quality welfare for workers is the surest way of getting the best out of the workforce.

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