NSITF's Faleye Advocates Early Retirement Planning for Workers

Mr. Oluwaseun Faleye, the Managing Director/Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), advised workers to begin planning for retirement early during a policy dialogue session at the 2026 National Pre-Retirement Summit held in Abuja. He stressed that retirement security should not be considered only as workers approach the end of their careers, highlighting that adequate preparation must start during their working life.

Faleye explained that while pensions and savings are crucial, they do not encompass the entire scope of retirement security. He noted that the Employees’ Compensation Scheme (ECS) administered by NSITF protects workers against employment-related injuries, occupational diseases, disability, and death.

As of July 2026, over 7.6 million workers were enrolled in the ECS, a number that has since increased to over 7.8 million. Faleye emphasized the need for compliance in the claims process and the importance of protecting families in case of a worker's death due to employment-related incidents.

He also mentioned improvements in claims turnaround time and future priorities for the organization.