Nigeria Social Insurance Trust Fund Archives - Business Today NG https://businesstodayng.com/tag/nigeria-social-insurance-trust-fund/ The Hub of News Reporting Tue, 28 Apr 2026 21:40:47 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 PenCom DG Advocates Inclusivity in Social Protection Services https://businesstodayng.com/pencom-dg-advocates-inclusivity-in-social-protection-services/ Tue, 28 Apr 2026 21:40:47 +0000 https://businesstodayng.com/?p=62704 BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has reiterated the importance of effective communication in strengthening social security systems, as its Director General, Omolola Oloworaran, participated in the 2026 ISSA West Africa Technical Seminar held in Abuja. The seminar, hosted by the Nigeria Social Insurance Trust Fund in collaboration with the International Social Security Association, […]

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BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has reiterated the importance of effective communication in strengthening social security systems, as its Director General, Omolola Oloworaran, participated in the 2026 ISSA West Africa Technical Seminar held in Abuja.

The seminar, hosted by the Nigeria Social Insurance Trust Fund in collaboration with the International Social Security Association, focused on the theme: improving inclusivity and access to social security services through clear and effective communication. It brought together stakeholders from across West Africa to explore ways of enhancing service delivery and public engagement.

Speaking at the event, Oloworaran commended the organisers for convening the dialogue and highlighted the Federal Government’s ongoing efforts to expand social protection. She noted that President Bola Ahmed Tinubu has shown commitment to social welfare by supporting vulnerable citizens through initiatives such as cash transfers, improved healthcare access, and the settlement of outstanding pension obligations.

The PenCom DG explained that while the Contributory Pension Scheme has built a solid institutional framework over the years, achieving real inclusion requires more than just expanding coverage. According to her, trust and understanding among contributors are critical, which is why the commission continues to strengthen stakeholder engagement, promote the Personal Pension Plan, and expand digital communication channels.

She emphasised that communication plays a central role in the success of pension reforms and service delivery, noting that policies and benefits can only be effective when contributors clearly understand and are able to act on them.

The engagement, she added, reflects PenCom’s broader commitment to building a more transparent, inclusive, and responsive pension system, where clear communication helps bridge gaps in access, foster trust, and support long-term growth in the sector.

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How N80m NSITF Renovation Contract Became N120m Construction Job — Witness Testifies in Ngige Trial https://businesstodayng.com/how-n80m-nsitf-renovation-contract-became-n120m-construction-job-witness-testifies-in-ngige-trial/ Thu, 29 Jan 2026 17:21:11 +0000 https://businesstodayng.com/?p=60707 Details of how an N80 million renovation contract for the Nigeria Social Insurance Trust Fund (NSITF) office in Makurdi allegedly metamorphosed into a N120 million construction project were on Wednesday, January 28, 2026, laid bare before a Federal Capital Territory (FCT) High Court sitting in Gwarimpa, Abuja, during the trial of former Anambra State governor […]

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Details of how an N80 million renovation contract for the Nigeria Social Insurance Trust Fund (NSITF) office in Makurdi allegedly metamorphosed into a N120 million construction project were on Wednesday, January 28, 2026, laid bare before a Federal Capital Territory (FCT) High Court sitting in Gwarimpa, Abuja, during the trial of former Anambra State governor and former Minister of Labour, Chris Ngige.

The disclosure was made by the first prosecution witness, Mr Pedro Torwuese Chellen, who told the court that the company awarded the contract did not participate in the bidding process, prompting his firm to petition the Economic and Financial Crimes Commission (EFCC).

Chellen in the trial of former governor of Anambra State and former Minister of Labour, Chris Ngige on Wednesday January 28, 2026 told a Federal Capital Territory, FCT,  High Court, Gwarimpa, Abuja,  and presided over by Justice M.A. Hassan said that the company that won the contract for renovation of Nigeria Social Insurance Trust Fund NSITF, Makurdi office at the cost of N80 million (Eighty Million Naira only) did not take part in the contract bidding.
Led in his testimony by prosecution counsel, Sylvanus Tahir, SAN, the witness an entrepreneur and project manager of Imanil Haq Nigeria Limited told the court that his company briefed its lawyers to petition the Economic and Financial Crimes Commission,  EFCC, after it discovered that the company which the NSITF contract was awarded to was not part of the bidding process.
Following the petition, the witness disclosed that he was invited to the EFCC, where his statements were taken. Upon identifying the petition in court and the bid documents attached to it, it was  admitted as Exhibit P1.
The witness,  in the course of his testimony, narrated how his company applied for the contract and participated in the bidding process following its advertisement in the papers
According to him, following the loss by his company, he wrote to the management of NSITF, requesting for details concerning the award of contract, to which he said, nothing came out of it, leading him to appeal to Bureau of Public Procurement, BPP, where it was revealed that the contract was awarded to a company, which did not participate in the bidding process.
During cross examination by defence counsel P.I.N. Ikwueto SAN, the witness disclosed that his petition was against the management board of NSITF. Speaking further, he said that he also complained about the change of title of the contract from “‘Renovation of Makurdi Office’ to ‘Construction of Makurdi Office,’” adding also that the initial cost N80 million (Eighty Million Naira only) was also hiked to N120 million (One Hundred and Twenty Million Naira only) by the management board of the NSITF.
While acknowledging that he made this statement to the EFCC in 2023, he observed that there was massive corruption in NSITF and further acknowledged that while he has not attended any management meeting of NSITF board, he learned through the media that the board was later reconstituted.

 

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