The Minister of Labour and Employment, Senator Chris Ngige, has stated that the federal government will not allow finances of the Nigeria Insurance Trust Fund (NSITF) to be mismanaged again
President Muhammadu Buhari had relieved the Managing Director of the NSITF, Bayo Somefun; three executive directors and nine other top management staff members of NSITF of their duties in what seemed to be a punitive measure to deal with persons indicted of committing financial infractions in the organisation.
While inaugurating members of the new NSITF board at the Banquet Hall of the Presidential Villa in Abuja yesterday, Ngige said the era of spending NSITF money without adhering to approved financial regulations is over.
He said: “It is important for me to draw the attention of the new management to the financial hemorrhage the NSITF has passed through in the last few years and the imperative of a new direction as contained in the directive of the president.
“The NSITF must be revitalised and repositioned to fulfill its mandate in accordance with the establishing Act.”
Ngige cautioned that the new management should not indulge in the sins of the past, and must adhere to the statutory conditions of service and remunerations as enshrined in the NSITF Act.
The minister advised the new board to ensure that procurements are done as contained in Procurement Act 2007 and Financial Regulation and the extant federal government circulars.
He told them that their performance would be measured quarterly and annually, adding: ‘’Our measure as supervising ministry is tied to your performance in terms of realisation of your mandate and vision.
“I congratulate you all especially those who held the ship in the past 11months, which was a trying period even as you recorded an increase of about N7 billion in your contributions when compared to same time last year.”
The minister, therefore, said the tenure of the members of the executive management was four years in the first instance and was renewable.
According to Ngige, the new nominal directors with the remaining directors and chairman will serve out the remaining period of their institutional representation ending in May 2023.
Among those inaugurated yesterday were Mr Akabogu Michael (managing director/chief executive); Mrs. Akinwale Temitope, executive director, Finance and Investment), and Mrs. Allagoa Maureen as executive director Administration, among others.