NEWS
NUBIFIE Commends NSITF for Expanding ECS to Fintech and Agency Banking
By Mike Odiakose, Abuja
The Nigeria Social Insurance Trust Fund (NSITF) has been commended for taking proactive steps to expand the Employees’ Compensation Scheme to the Agency Banking and Fintech industries.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees(NUBIFIE) Comrade Anthony Abakpa paid the tribute in Kano while speaking at a sensitization workshop for stakeholders in the Agency Banking and Fintech industries organized by the NSITF over the weekend in the ancient commercial city.
According to the union leader, a growing collaboration between the NSITF and stakeholders in the mobile money and FINTECH industry will not only provide a networking platform but also a safer and supportive financial service environment for employees across Nigeria.
He described the ECS as one of the nine contingencies making up the social security programmes enunciated by the International Labour Organisation (ILO), equally observing that though the NSITF has made remarkable progress in implementing the scheme across the years, the foray into the Fintech industry was strategic and came at the nick of time.
He therefore urged participants who thronged the Islamic Forum of Nigeria Conference Hall, Kano, to embrace the scheme.
He further stated that for a seamless implementation of the ECS in the fast growing Fintech and agency banking sector, the NSITF must also brace up with the digitization of its processes and procedures.
According to him, “To get the informal sector employees and employers, especially the fintech industry, to register with the Fund, the NSITF must utilize digital platforms (Digital onboarding) and tools to simplify the registration process for informal sector employers.
“This can include online registration portals and mobile (apps) applications that make it easy for employers to register and manage the contributions.”
He further suggested “the development of tailored solutions that address the specific needs and challenges of the fintech industry, which include flexible contribution plans, customized communication, and support services that cater to the unique characteristics of fintech businesses.
“Inclusive Policies and Programs—Implement inclusive policies and programs that encourage the participation of informal sector employers. This can involve providing incentives such as tax breaks, subsidies, or grants to employers who register with the Fund.
“Financial Cooperatives—Promote the formation of financial cooperatives among informal sector employers, mutual support, making it easier for members to comply with the Fund’s requirements.
“Fostering coordination and collaboration between NSITF and other relevant stakeholders such as Sectoral Unions, industry associations, government agencies, and financial institutions. This can help create a supportive ecosystem that encourages registration and compliance.”
He also stated that the ultimate measure of the NSITF’s effectiveness lies in its ability to disburse benefits to eligible beneficiaries in a timely and efficient manner.
While affirming that the NSITF has successfully provided compensation to many workers, “cases of delays, bureaucratic red tape, as well as inadequate communication have impeded the process, leading to dissatisfaction.
He, however, expressed happiness that the new management of the Fund was already addressing the situation.
Earlier while presenting the keynote address to the gathering, the Managing Director of the NSITF, Oluwaseun Faleye who was represented by the General Manager, Informal Sector Department of the agency, Chika Onyewuchi, said the programme synched with the cardinal agenda of the new administration of the Fund to develop peculiar programmes that can break new grounds in the informal sector which hosts the majority of Nigeria’s active work life.
She asserted that the bold initiative of the NSITF was in furtherance of its contributions to financial inclusion.
She said, “By providing a safer, more secure environment for agents, ECA 2010 indirectly supports Nigeria’s financial inclusion goals.
“The protection it offers can encourage more people to become agents in Fintech and help banking providers expand their reach to the underserved areas in the remote parts of the nation.
“ With the ECS, agency banking becomes a more attractive career option, capable of attracting skilled workers, assured that they will be covered in case of work related accidents, injury or health issues. This assists financial institutions draw a stable workforce of competent agents.
Further discussing the numerous benefits of the scheme to the industries’ stakeholders, Onyewuchi said, “Many banking agents travel frequently to provide services to customers in various locations. The ECS covers commuting accidents, ensuring that agents who experience accidents while travelling to or from their service locations receive compensation and support.
“By enrolling in the ECS agency banking providers can reduce their legal liability related to workplace accidents and illnesses. The scheme allows employers to transfer risk to the NSITF, which handles compensation claims and payouts, thereby saving banks and agents from potential legal battles and associated costs.”
She hence argued that to mitigate financial vulnerability, low productivity and bridge the gap between the formal and informal sector, the ECS which narrows inequality through social protection must be embraced by all players in the informal sector.
Other stakeholders at the event included the Kano State Chairman of the Nigeria Labour Congress, Anwali Yaksse, General Secretary NUBIFIE, Mohammed Sheik, Chairman of AMBO, Odetunde Lukman and AMON President, Salihu Umar as well as representatives from the Agent Banking and FINTECH including Zenith Bank, Fidelity, ECO, GTB, Moniepoint as well as Point of Sales Operators among others.
NEWS
NAN Backs Insurance Sector’s Transformation Agenda, hails NAICOM
By Tony Obiechina, Abuja
The National Association of Nigerian Students (NANS) National Secretariat, the umbrella body representing over 40.1 Million Nigerian Students across universities, polytechnics, and colleges of education, has declareed total support for the transformative reforms currently reshaping Nigeria’s insurance industry.
A statement issued on Wednesday by the NANS President Comrade Akinteye Babatunde Afeez said the students body “recognizes the strategic importance of a strong, modern, and resilient insurance sector to national economic development and commends the leadership of the Federal Government under President Bola Ahmed Tinubu GCFR, for initiating bold economic reforms aimed at positioning Nigeria for sustainable growth and the realization of its $1 trillion economy aspiration”.
According to the statement “We equally commend the leadership of National Insurance Commission (NAICOM) under the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Governing Board chaired by Hajia Halima Kyari, for their commitment to implementing far-reaching reforms that are restoring confidence, improving consumer protection, strengthening industry capacity, and promoting greater public trust in the insurance sector.
“Today, we speak not merely as students but as stakeholders in Nigeria’s future. We cannot remain silent while certain unpatriotic elements seek to undermine reforms that hold significant promise for economic transformation, youth empowerment, consumer protection, and national development.
” NANS joins all well-meaning Nigerians in celebrating President Bola Ahmed Tinubu GCFR’s historic assent to the Nigerian Insurance Industry Reform Act (NIIRA) on 31 July 2025, a historic legislation that modernized Nigeria’s insurance regulatory framework and replaced obsolete legal provisions with a comprehensive regime suited for a modern economy”, the statement added.
It further stated “we encourage NAICOM to intensify public awareness campaigns so that Nigerians fully understand the protections available to them under the new insurance regime”..
Education
Don Calls for More Investment in Entrepreneurship/Innovation in Nigeria
From Joseph Amedu, Lokoja
A Professor of Entrepreneurship and Corporate Strategy at the Federal University, Lokoja, John Alabi has called for more investment in the entrepreneurship/innovation sector to tackle Nigeria’s dwindling economy.
Professor Alabi who made the call while delivering the 46th Inaugural Lecture series of the University at its Felele Campus in Lokoja,on Wednesday, also stressed the need for government at all levels to prioritize investment in the sector to take care of the rising unemployment situation in Nigeria.
In his Lecture titled “Entrepreneurship Leadership through Entrepreneurial Education and Empowerment: Building an Entrepreneurial Economy in Vuca World” Professor Alabi advised that governments must provide enabling policies, universities must produce innovative graduates, industries must become active partners, financial institutions must support enterprise growth, and entrepreneurs themselves must embrace continuous learning, resilience, ethical leadership, and technological adaptation.
He explained that through entrepreneurial education and empowerment, nations can transform uncertainty into opportunity and build inclusive, resilient, and globally competitive economies.
“Governments should position entrepreneurship as a national development strategy rather than an employment intervention.
“Align entrepreneurship policies with national industrial and digital transformation agendas and investment in entrepreneurship ecosystems at federal, state, and local government levels.
“Building an entrepreneurial economy in a VUCA world requires more than increasing the number of entrepreneurs; it demands developing entrepreneurial leaders who can envision opportunities amid uncertainty, inspire innovation, mobilize resources, and create sustainable value
Professor Alabi also advocated that universities should focus on producing job creators rather than job seekers, establish functional entrepreneurship centres linked to industry, reward commercialization of research and innovation and encourage faculty-industry collaboration.
Other recommendations advanced by Professor Alabi includes, “Integration of entrepreneurship education across all levels of education, from primary to tertiary institutions.
“Shift from certificate-oriented learning to competency and problem-solving-based education.
“Promotion of interdisciplinary learning combining entrepreneurship, digital technology, leadership, and sustainability.
“Strengthen experiential learning through internships, incubators, business simulations, and enterprise projects.
“Developing a National Entrepreneurial Leadership Policy as well as establishment of a coordinated national framework for entrepreneurial leadership development.
“Encouragement of collaboration among government, academia, industry, and civil society”
In his welcome address, the Vice Chancellor of the Federal University, Lokoja, Professor Gbenga Ibileye gave an assurance that his administration would continue to encourage delivery of inaugural Lecture to ensure sustainability in the academic system.
Professor Ibileye said that the essence of the academic tradition is an opportunity for the academic staff to showcase their intellectual capacity in their field of study.
The Vice Chancellor described the topic of the lecture as timely and a welcome development that would go a long way in addressing the current economic reality in Nigeria.
He extolled Professor John Alabi, the Inaugural Lecturer, for his choice of contemporary topic that would add value to the people and the nation at large.
NEWS
Senate Passes Bill Extending 2025 Capital Budget Implementation to Dec 31
The Senate on Tuesday passed a bill extending the implementation of the capital component of the 2025 Appropriation Act from September 30 to December 31.
The bill, according to the upper chamber, seeks to provide additional time for ministries, departments and agencies (MDAs) to complete all ongoing capital projects.
The bill, sponsored by the Senate Leader, Opeyemi Bamidele (Ekiti Central), was read for the first time and subsequently considered for second reading after the suspension of the relevant Senate Rule.
Leading debate on the bill, Bamidele said the extension would provide the legal and administrative window required to fully implement projects for which funds had been appropriated and released.
He said that capital budget implementation involved procurement, contract execution, mobilisation, certification of works and payment processes, among other procedures.
The senate leader said several infrastructure and development projects across the country were at various stages of completion and required additional time for implementation.
According to him, allowing the existing implementation deadline to lapse can create difficulties for MDAs in completing projects for which resources had already been appropriated and released.
Bamidele added that the extension would help prevent projects from becoming abandoned and ensure that appropriated resources were deployed for their approved purposes.
The senate leader stressed that the extension would not amount to a relaxation of accountability, fiscal responsibility or legislative oversight.
He said that MDAs would remain required to comply with the appropriation act, financial regulations, procurement laws and other applicable statutes.
Contributing, the Deputy Senate President, Sen. Barau Jibrin, said the extension was important to prevent the proliferation of abandoned projects across the country.
Jibrin urged the senators to support the bill, saying it would provide an opportunity for ongoing projects funded under the 2025 appropriation to be completed.
The Minority Leader, Abba Moro (Benue South) also supported the extension but urged senators to avoid unnecessary comparisons with previous administrations during debates on budget implementation.
Moro said the focus should remain on creating the necessary conditions for the government to implement its programmes and projects.
The bill was subsequently committed to the Committee of Supply, which considered and approved amendments to the relevant provisions.
The senate, thereafter, passed the bill at third reading, extending the implementation of the capital component of the 2025 appropriation act to December 31.
The Senate President, Godswill Akpabio, thanked senators for their contributions, saying the extension would facilitate payment for contracts and completion of projects covered by the 2025 capital appropriation.
He urged relevant authorities to utilise the extended period to complete necessary contractual obligations and infrastructure projects for the benefit of Nigerians.(NAN)


