Trust Fund Disburses Over N75m To Compensation Scheme Beneficiaries

The Nigeria Social Insurance Trust Fund (NSITF) stated that it has released over N75 million in compensation to three beneficiaries in Port Harcourt under its Employees’ Compensation Scheme (ECS).

The managing director, Oluwaseun Faleye, made the presentations during a visit to Rivers State, according to a statement issued by Alexander Mede, the head of corporate affairs for the fund.

Faleye handed a cheque of N54,642,194.73 to the dependents of a deceased employee of Depthwize Nigeria Limited, who died after a drilling rig collapsed offshore on 15 August 2023. The worker, who drowned in the incident, left behind his wife and four children.

While reaffirming the pledge to strengthen social protection for workers and their families, Faleye expressed condolences to the family, saying the compensation was intended to provide some measure of comfort and support as they rebuild their lives.

He said the family would also receive monthly death benefits of N2,023,784.09, amounting to 90 per cent of the late worker’s salary, until the youngest child turns 21 in 2042.

A representative of Depthwize, vice president, Orela Okulue, commended the fund for its prompt intervention, noting that the process had been seamless and had offered real relief to the family.

The NSITF team also visited Daewoo Nigeria Limited, where Faleye presented a cheque of N13,197,077.34 to an employee who lost his left leg in a road accident in March 2022.

The amount covers medical refunds of N8,481,560 and disability benefits of N4,715,517.34.

Faleye said the beneficiary would continue to receive monthly payments until he turns 55 in 2033.

According to the statement, the NSITF also issued a cheque of N8,001,095.64 to an NSITF employee who sustained a dislocated right knee in a workplace accident.

The MD explained that delays in some payments were primarily due to the late submission of claims and the time required for verification and investigations.

He emphasised that the current management remains focused on establishing an institution that meets global standards in social protection.