NSITF, CAC forge data-sharing alliance to boost ECS

The Nigeria Social Insurance Trust Fund (NSITF) has proposed a partnership with the Corporate Affairs Commission (CAC) to create a data-sharing portal. The aim is to improve compliance with the Employees’ Compensation Scheme (ECS).

In a statement from Alexandra Mede, Head of Corporate Affairs at NSITF, the Fund’s Managing Director, Barrister Olúwaṣeun Faleye, made the call during a meeting between both agencies on Wednesday at the CAC headquarters in Abuja.

Leading a team of senior staff on a courtesy visit, Barrister Faleye praised the CAC for being the main hub of corporate data in Nigeria. He also recognised the Commission’s strong reputation for trustworthiness.

He said the NSITF could build on that trust to connect with employers across the country and encourage more of them to comply with the Employee Compensation Scheme.

He explained that such cooperation would help strengthen Nigeria’s workforce, improve service delivery, and ensure timely payment of compensation claims.

“Most importantly is to understand the economic ramification of that social safety net, because if we do, then we begin to appreciate more why we think a collaborative engagement with CAC will be useful.

“My view is that if we build a social safety net for Nigerian workers, we are ultimately creating a resilient economy. Because what ultimately happens is that workers are able to give their ultimate best, knowing that if there are injuries or accidents as a result of work, they are covered one way or the other. And that’s really very important for their psyche and important for productivity,” he summed.

Faleye also shared some of the benefits of partnering with CAC, which include helping CAC staff understand how they benefit from being part of the ECS, and reducing workplace risks through health and safety checks.

“One of the benefits is sensitization on Health and Safety in the workplace and OSH audits, which we undertake at no cost to you,” the NSITF MD said.

He praised the CAC for enrolling its staff in the ECS in line with the Employee Compensation Act. He also explained that the NSITF’s role includes providing transparent compensation and support to Nigerian workers in the event of work-related injuries, illnesses—including mental health—and even death.

He added that the Fund is also responsible for promoting workplace safety and health.

In response, the Registrar General of the CAC, Hussaini Ishaq Magaji, agreed on the importance of the collaboration and its potential benefits for the country’s economy.

“You are meeting the largest regulator of the Nigerian economy. The Nigerian economy is operating through entities and all these entities are under the control of the Corporate Affairs Commission.

“Our responsibility is to register these businesses, supervise them, and regulate them. So you are honoured to come here to meet the regulator of the largest part of the Nigerian economy. This collaboration is important as it relates to compliance and the huge benefits to our country,” he added.

This meeting is one of several engagements by the NSITF management aimed at expanding social security and supporting the growth of a stronger, more resilient economy.