It is common sense to imagine what the Nigeria Social Insurance Trust Fund would have achieved in the last two years under its present Executive Management Committee if it had a functional and responsible board of directors in place.
In the midst of this and as a safeguard measure, the NSITF decided to establish Trustfund Pensions PLC to serve the interest of contributors to the defunct scheme. It also transferred pension assets estimated at about N60 billion to the newly established subsidiary company, Trustfund Pensions PLC.
What will make any fair-minded person to give the present leadership of NSITF a pass mark for a wonderful performance is this: at no time in recent history has any leadership of NSITF been saddled with controversies it did not generate as has been the case in the last two years—from a fraud scandal it inherited to ministerial high-handedness which made it look like an orphan in the absence of a board of directors. Yet, the Fund kept pushing on.
Somefun’s disclosure that between 2015 and 2019, the Fund employed 1, 051 members of staff, may attract a few questions and suspicions. Were those vacancies advertised for qualified and interested members of the public to apply? Or were they only opened to cronies of big men in government such as ministers and leaders of the ruling party?
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