NSITF, NAICOM Set Up Joint Committee to Boost Operations

Onyebuchi Ezigbo in Abuja

The Nigeria Social Insurance Trust Fund (NSITF) and the National Insurance Commission (NAICOM) have established a 12-member joint committee aimed at exploring and harmonizing collaborative efforts between the two agencies.

This decision was reached, Thursday, in Abuja, during a courtesy visit by the National Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, to the NSITF headquarters.

The committee, co-chaired by Arc. Kabir Ma’aji, General Manager of Compliance at NSITF, and Mrs. Oluwatoyin Charles, Director of Supervision at NAICOM, is tasked with creating a robust collaborative framework that serves the mutual interests of both organizations and benefits all Nigerians.

A statement by the NSITF General Manager, Corporate Affairs, Nwachukwu Godson, said the committee’s mandate includes policy framework development; jointly developing policy frameworks through combined technical and intellectual expertise to enhance both social and conventional insurance markets.
Other mandates are to align operational standards, especially in compliance and oversight, to streamline services provided by both organizations.

Godson said that a key objective of the initiative is to integrate the NSITF compliance certificate into NAICOM’s regulatory requirements for insurance companies.
“Data Sharing and Capacity Building: Promoting collaborative data development and sharing and conducting joint capacity-building and awareness initiatives to educate stakeholders on the benefits of both agencies’ services,” he said.

NSITF Managing Director Oluwaseun Faleye had commended the collaborative spirit of the NAICOM, highlighting the initiative will significantly strengthen the insurance ecosystem.
Faleye acknowledged the differences in mandates and operations between NSITF and NAICOM but emphasized that harmonizing their strategic interests would enhance national productivity.

He also noted that his administration is focused on improving operational efficiency and fostering extensive stakeholder engagement to realign the NSITF with its foundational objectives.
NAICOM CEO, Olusegun Omosehin who was accompanied by his management team said that the collaboration aims to amplify the insurance sector’s role in the national economy.
Meanwhile, the Executive Director of Operations, NSITF, Hon. Mojisolaoluwa Ali-Macaulay, yesterday, paid a visit to the Gwagwalada, Kagini, and Jahi offices of the Fund, pledging the commitment of the leadership to re-engineer the agency.

Macaulay said the management has started tackling the myriads of challenges hindering the growth of the agency, including digitization, work tools, capacity building and staff welfare, adding, ” the past is gone, the real new NSITF has started.

She therefore urged all staff to remain committed in service.