The success story of Nigeria Social Insurance Trust Fund and
its subsidiary; Trust Fund Pensions Plc is a good example that should be
replicated in more Federal Government establishments. This is due to the new
visionary, proactive and more purposeful pension oriented leadership of the
Chairman of the Board of Directors – Dr. Ngozi Juliet Olejeme who decided on
kassumption of office that the rights of pensioners in Nigeria would no longer
be taken for granted. Thanks to President Jonathan for this appointment in
fulfilling the Transformation Agenda.
Through the enabling legislation of the Federal Republic of Nigeria, Trustfund
Pensions Plc was incorporated by the Nigeria Social Insurance Trust Fund
(NSITF), in collaboration with other institutional investors and social
partners, as a Pension Fund Administrator, in accordance with the provisions of
the Act. The sole business of Trustfund Pensions Plc is the administration and
management of retirement savings (pension funds). By that, the Trustfund is
expected to protect and enhance pensioners’ interest through information,
education and enforcement of appropriate standards.
Also read: Insurance fund wary of fraudsters
Prior to now, the mention of the word ‘pension funds management’ draws
suspicion from Nigerians who have been jolted by embezzlement of hundreds of
billions of pension funds. This was because pension management and
administration had a lot to be desired in its visibility, hence there was
complacency with pension funds administrators and employers of labour, which
ultimately meant that pensioners’ rights were never recognized not to mention
However, the coming of Dr. Olejeme, who is on record as the only woman serving
as Chairman of the board of two sensitive Federal Government establishments,
the Trustfund Pensions Plc made a 3600 turn around in the industry.
Pension administrators and employers of labour began to realize that it is no
longer business as usual, and most importantly Pensioners’ trust in the
management and administration of pension was restored because, the saying that
‘Pension is all about Trust’ became obvious.
Perhaps, a highlight on the profile of the Chairman; Dr. (Mrs.) Ngozi Juliet
Olejeme will give us an insight on why Nigerian Social Insurance Trust Fund has
not relented in its quest for a transparent pensions management and
Dr. Ngozi Juliet Olejeme took the helm as the Chairman of the Board of
NSITF in 2009 by the late President Umaru Musa Yar’adua. For her
transformational leadership at NSITF and its subsidiary Trust Fund Pensions
plc, she got reappointed for another term of a four year in 2011 by President
Goodluck Jonathan. With a wealth of experience in business, Olejeme has a
proven track record of success in business management - this obviously accounts
for her presence on the Board of several organizations.
Also read: Independence: Jonathan leads heads of state into celebration
She has been instrumental to the enhanced services of the NSITF, where she
fought for and won the acceptance of Employee Compensation Scheme (ECS) and the
passage of the bill into Act. The scheme protects all categories of workers
both in private and public sector across Nigeria. The scheme simply makes
provision for compensation to employees and their dependents for any injury,
disease, disability or death arising in the course of employment.
Also her role in the Country’s Subsidy Reinvestment and Empowerment Program,
SURE-P; a program derived from the partial removal of subsidy for fuel, speaks
of her capacity to care for the poor through adopting poverty alleviating
Today, by virtue of Olejeme’s doggedness Pension Fund Administrators are on
their toes to perfect their service delivery by recognizing the rights of
pensioners. They now realize that the old system of business as usual no longer
exists. As such, for the first time, we are witnessing pensioners in Nigeria
reposing confidence in pension fund management and administration.
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