UFOMBA UZUEGBU (09019845661)
When the appointment of Mr. Oluwaseun Mayomi Faleye as the Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF) was announced in July,2024 by President Bola Ahmed Tinubu, industry watchers could not help but applaud the move.
Not a few believed Faleye’s pedigree as an accomplished legal/financial expert and robust intellectual, more than anything else, influenced his choice for the job.
Faleye brings over two decades of experience from both the public and private sectors. He is recognized for leading reforms aimed at improving efficiency, enhancing the Employees Compensation Scheme (ECS) and strengthening social protection for Nigerian workers.
Focussed and challenge driven, he is the arrow head of a powerful team of financial experts, who bring experience and dynamic leadership to NSITF; ensuring that the organization continues to fulfill its mandate to promote the enforcement of Occupational Safey and Health standards in the workplace and implement comprehensive compensation for workers in Nigeria, for any death, injury or disease or disability arising from/or in the course of their employment.
Faleye’s public service background includes key roles in the Lagos State Civil Service,notably as Assistant Director and Principal Private Secretary to the former Governor Babatunde Fashola. In the private sector, he led high-profile transactions in oil and gas, power, mergers and acquisitions and dispute resolutions through his firm, Ides and Fiducia. He has also completed executive education at Harvard Law School and holds Masters in law from the University of Law, London and diploma in Corporate Finance from the University of Liverpool.
Since assuming leadership at NSITF, Faleye has focused on institutional reform, accountability and service delivery. He has pledged to reposition the Fund as Nigeria’s leading social security institution and initiated internal restructuring almed at improving efficiency and emphasizing collaboration, professionalism and integrity.
Under Barrister Faleye’s leadership, the NSITF has significantly improved its performance, enrolling over 7.6 million employees and raising Employees Compensation Scheme contributions by 187 percent to over N376 million between March and July,2025.
It is also worthy of note that no fewer than 22,350 claims were settled in 2024 alone, while ECS contributions increased from N130 million to N376 million within one year.
Under his watch, the NSITF also extended social protection to the Nigeria Police Force and prioritized inclusion of the informal sector. It also accelerated the digitization of its internal systems for faster, more transparent service delivery, including a partnership with ICPC to strengthen anti-corruption measures.
Management also partnered with the Nigeria Employers Consultative Association, NECA, and the Nigeria Labour Congress to lead the 2025”Safe Workplace Intervention Project, (SWIP), auditing over 200 workplaces and launching a nation- wide campaign for proactive AI-driven safety measures.
Faleye received the 2025 Corporate Health and Safety Environment (HSE) Leadership Award and the Trade Union Congress of Nigeria (TUC) Award for Excellence in Gender Equity and Workplace protection.
Under his direction, NSITF has seen a 26% growth in compliance contributions, a reduction from streamlining the documentation process and increase of 21 percent in claims payout. There has also been a 46 percent increase in OSH awareness session leading to a 25.7 percent reduction in workplace fatalities. His leadership reflects a commitment to systemic change and ensuring that the Fund delivers effectively on its mandate to Nigerian workers.
In line with its growth strategies, the Faleye-led management has positioned NSITF as a top-performing public institution, among Ministries, Departments and Agencies, MDAs, and introduced performance -driven systems. Under his watch, the Fund continues to record improved efficiency and responsiveness in compensation processes.
On gender inclusivity, management is steadfast in championing gender equality, women’s empowerment in the workplace and recognized nationally for promoting fair labour practices.
Faleye has elevated NSITF’s reputation through strategic stakeholder engagement partnership and MDAs, organizational transformation and leadership impact within his relatively short tenure.
For a better society
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