Photo caption: Managing Director, NSITF, Barr. Oluwaseun Faleye
The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Faleye, has stated prevention of accident is of utmost priority to the organization.
Faleye noted that every compensation is a story of pain as no amount of compensation can replace a human life.
As no amount of money can replace human life, he said, “that is why the Fund is strengthening safety compliance initiatives, investing in digital systems for claims processing, building capacity across industries, and collaborating with organizations to maintain global best practices.”
The MD made this submission at the 15th International Safety Conference and Awards 2025 with the Theme: ‘From Tragedy To Transformation: Learning from the Cost of Violating Safety Rules,” which held at the Federal Ministry of Works, Mabushi Abuja on Wednesday.
The MD who was represented by the General Manager, Health Safety and Environment (HSE), Tesh Kibikiwa, told the gathering of experts that violating safety rules is a national burden which has three painful dimensions.
Acording to him; “There is the Human Cost when Workers lose limbs, livelihooids, and sometimes their lives, families suffer emotional trauma and economic hardship, and children are forced out of school because a parent’s income has suddenly vanished.
“Then there is the Organizational Cost where Companies suffer reputational damage, loss of productivity, equipment losses, litigation, and downtime. Many businesses underestimate these costs until tragedy strikes and then the price becomes too high.
“There is also the National Economic Cost. Injuries and fatalities contribute to lost GDP, reduced manpower, higher health costs, and a weakened labour force,” he stressed.
While aligning with the theme of the conference, the NSITF Managing Director stressed the importance of safety to every facet of human endeavor and the crucial role it plays to the economic emancipation of any Nation.
He urged stakeholders to prioritize safety as topmost in their day to day engagement in order to mitigate against frequency of accidents in the workplace and called for strengthened collaboration among safety professionals, regulators, employers, unions, training bodies, insurance and compensation institutions
Other speakers at the event included the Honourable Minister of State for Works, Barr. Bello Muhammed Goronyo, the President OSH Association UK – Nigeria Region, Dr. Amb. Olusegun Aderemi, as well as the representative of the Honourable Minister of Regional Development, Engr Abubakar Momoh.
