Barrister Oluwaseun Faleye officially took over as the Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF) on July 15, vowing to implement sweeping reforms to enhance the agency’s performance.
On his first day in office, Faleye noted for his legal expertise and corporate finance background, was accompanied by Honourable Mojisolaoluwa Alli-Macaulay, the new Executive Director of Operations. They were welcomed by Professor G.O.C. Okenwa, Executive Director of Administration, and Babatunde Adedeji Adegoke, Director of Finance and Investment.
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Faleye’s first actions included a comprehensive tour of NSITF’s 19 departments and an inaugural meeting with department heads, which was broadcast live to staff nationwide. This meeting marked the beginning of his agenda for revitalizing the organization.
The NSITF has experienced significant leadership turnover and faced corruption allegations in recent years, with three Managing Directors and one acting Managing Director serving between 2017 and 2024. These challenges have affected the fund’s reputation, though recent efforts by the previous Managing Director had begun to restore credibility and expand the Employees Compensation Scheme (ECS) nationwide. Faleye aims to build upon this progress.
In his address, Faleye emphasized a collaborative approach to achieving sustainable growth. He pledged to conduct thorough departmental assessments and improve welfare measures for staff. “My mission is to collaborate with stakeholders to build a more sustainable organization. Although I am new and still familiarizing myself with the issues, we will work together to find solutions and create a more vibrant NSITF,” Faleye stated.
He expressed appreciation for his predecessor’s contributions, despite not having met her in person, and promised to respect and build upon her efforts. Faleye also signaled a departure from past adversities by acknowledging the positive strides made by his predecessor.
Honourable Alli-Macaulay echoed Faleye’s commitment to lawful practices and positive stakeholder relationships, while Director Adegoke pledged support and urged Faleye to leverage his position to accelerate reforms.
Professor Gabriel Okenwa, the Executive Director of Administration, endorsed Faleye’s leadership as crucial for NSITF’s future, praising the appointments of both Faleye and Alli-Macaulay as wise decisions under President Bola Tinubu’s administration.
General Manager of Corporate Affairs, Godson Nwachukwu, conveyed Faleye’s intention to ease staff anxieties and reaffirmed that the new leadership is focused on constructive change, not disruptive reforms.
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The NSITF faces several challenges, including low employer compliance, inadequate funding, bureaucratic inefficiencies, and corruption. These issues hinder the effective delivery of ECS benefits. Faleye’s leadership will be closely watched as stakeholders hope for meaningful improvements in addressing these challenges and enhancing the scheme’s efficiency.
As the new Managing Director, Faleye is expected to bring transformative change to the NSITF, with the industry and beneficiaries keenly observing his progress.
