Okoroawusa:
NSITF has always been a meeting place for vultures. I remember my dealings with them as far back as 2006 as a young researcher n resource person.
It reeks of free money. People sitting around doing next to nothing.

Suspending or sacking these ones won't solve anything. It's like a cult n Hydra headed monster in there. Cut one head n another grows in its stead.

Government has to put NSITF functions in perspective...do we need an organization like that? Isn't any other agency performing some or all of its functions?

It is a pension fund, particularly for government workers.

PENCOM is meant to oversee pension fund administrators (eg trustfund, NSITF, ARM etc) and then also monitor the pension fund custodians (banks dt hold the money contributions). But the government removed NSITF from this privatized setting cos it houses goverment pensions.

Even the private funds have a lot of fraud going on.There is crazy money in the pension funds so the private administrators sometimes dip their hands into these funds indirectly.

For a real life example, one of these private fund administrators decided to invest N1billion out of the fund ìnto a housing estate in Abuja. The fund built the estate and sold the houses. They shared 10 houses amongst themselves and sold the rest. The return on that investment for the fund was probably supposed to be 200% but ended up being 50%.
Dts how they steal.

was the pencom scandal during that ibo woman's time? chinelo

the woman chinelo buhari removed. she dey Afdb now.

leaculpa:


It is a pension fund, particularly for government workers.

PENCOM is meant to oversee pension fund administrators (eg trustfund, NSITF, ARM etc) and then also monitor the pension fund custodians (banks dt hold the money contributions). But the government removed NSITF from this privatized setting cos it houses goverment pensions.

Even the private funds have a lot of fraud going on.There is crazy money in the pension funds so the private administrators sometimes dip their hands into these funds indirectly.

For a real life example, one of these private fund administrators decided to invest N1billion out of the fund ìnto a housing estate in Abuja. The fund built the estate and sold the houses. They shared 10 houses amongst themselves and sold the rest. The return on that investment for the fund was probably supposed to be 200% but ended up being 50%.
Dts how they steal.

frog12:
so tell us wetin dey go on.

is this connected to olojeme?
or this is a new fraud allegation?

Its not connected to Olojeme
Its one thing to allege in public but another thing to prove fraud where it matters.

In Nigeria it seems to try and indict people in the media is enough...Actual convictions by the courts is a mirage

Bonjovi13:


You may need to educate yourself especially as you called yourself a researcher.
NSITF administered Pension matters until 2004.It transferred the sum of 62Billion Naira to TrustFund Pensions PLC.
No one who had a pension claim prior to the Pension Reform in 2004 with NSITF was left unpaid. Compare that with other public agencies in Nigeria.
NSITF was actually in a transformative stage in 2006 when you did your research. They were actually redundant.

However they succeeded in making themselves relevant in 2010 when they successfully midwifed their transistion and are currently administering the Employee Compensation scheme. The Nations single largest and organised social security scheme that pays compensation to all injured workers in the public and private sector who are injured in the course of their employment or who suffer occupational diseases,mental stress,diability or death.

They have over 5000 staff nationwide and do not owe salaries or allowances.

The staff are dedicated and responsible for enforcing the scheme.

Imagine the number of families that NSITF caters for.
The current management is responsible and independent from external control so will definitely step on powerful toes.

So next time seek enlightenment

Are you holding brief for the directors in NSITF?

Are you saying that there is no corruption there?

Bonjovi13:


You may need to educate yourself especially as you called yourself a researcher.
NSITF administered Pension matters until 2004.It transferred the sum of 62Billion Naira to TrustFund Pensions PLC.
No one who had a pension claim prior to the Pension Reform in 2004 with NSITF was left unpaid. Compare that with other public agencies in Nigeria.
NSITF was actually in a transformative stage in 2006 when you did your research. They were actually redundant.

However they succeeded in making themselves relevant in 2010 when they successfully midwifed their transistion and are currently administering the Employee Compensation scheme. The Nations single largest and organised social security scheme that pays compensation to all injured workers in the public and private sector who are injured in the course of their employment or who suffer occupational diseases,mental stress,diability or death.

They have over 5000 staff nationwide and do not owe salaries or allowances.

The staff are dedicated and responsible for enforcing the scheme.

Imagine the number of families that NSITF caters for.
The current management is responsible and independent from external control so will definitely step on powerful toes.

So next time seek enlightenment

Are you holding brief for the directors in NSITF?

Are you saying that there is no corruption there?

If it is independent why is FG intervening now?

Okoroawusa:

Are you holding brief for the directors in NSITF?

Are you saying that there is no corruption there?

I am not holding brief for anyone.
I was responding to your assertion that the organisation is useless.

As for corruption, go stand facing the mirror and personalise that question. The answer to your query will stare back at you.

Independence meaning the Management seems like they are not puppets or stooges.
That always gets you in trouble in Nigeria

frog12:
so tell us wetin dey go on.

is this connected to olojeme?
or this is a new fraud allegation?

Abeg help me ask o!

Bonjovi13:


I am not holding brief for anyone.
I was responding to your assertion that the organisation is useless.

As for corruption, go stand facing the mirror and personalise that question. The answer to your query will stare back at you.

Independence meaning the Management seems like they are not puppets or stooges.
That always gets you in trouble in Nigeria

You see how you jump into matters. Where did I say that it's useless?
I said its activities n functions need to be evaluated to see if there are no other agencies performing the same or similar functions.
There is too much idle money lying around NSITF n it makes people steal with hope to return the monies before they're needed or asked for n most times they don't meet up.

Modified: I just saw your last paragraph. We are basically saying the same thing. Its independence makes it an easy target for corrupt practices.

Are Nigerians surprised about what is happening even in PENCON?.
Let the NSTIF list out the number of beneficiaries ever given fund to,it will surprised Nigerians that it is nothing to write home about since inception.Even Pencon has not deemed it fit to pay all arrears of Retirees since Oct after adjustments in upgrading their Pensions since October last year.Most of the Nigerian Parastatals-
are just doing business as usual.They are corruption filled entities.Too bad!

so no real crime. just witchhunt

anyway they are fighting back. they say minister no get power to suspend them.

Bonjovi13:


Its not connected to Olojeme
Its one thing to allege in public but another thing to prove fraud where it matters.

In Nigeria it seems to try and indict people in the media is enough...Actual convictions by the courts is a mirage

sho-meh-foon

frog12:
it is pronounced Sho-me-fun.

Bonjovi13:


You may need to educate yourself especially as you called yourself a researcher.
NSITF administered Pension matters until 2004.It transferred the sum of 62Billion Naira to TrustFund Pensions PLC.
No one who had a pension claim prior to the Pension Reform in 2004 with NSITF was left unpaid. Compare that with other public agencies in Nigeria.
NSITF was actually in a transformative stage in 2006 when you did your research. They were actually redundant.

However they succeeded in making themselves relevant in 2010 when they successfully midwifed their transistion and are currently administering the Employee Compensation scheme. The Nations single largest and organised social security scheme that pays compensation to all injured workers in the public and private sector who are injured in the course of their employment or who suffer occupational diseases,mental stress,diability or death.

They have over 5000 staff nationwide and do not owe salaries or allowances.

The staff are dedicated and responsible for enforcing the scheme.

Imagine the number of families that NSITF caters for.
The current management is responsible and independent from external control so will definitely step on powerful toes.

So next time seek enlightenment

Doesn't change the fact that it's being led by fantastically corrupt individuals.

nice!

actually sho-meh-fuun

sonofElElyon:
sho-meh-foon

[quote author=happyprojects17 post=91312259][/quote]


Yes they have money. All companies in Nigeria must pay 1% of the salary of their staff to NSITF monthly.

Where's Maina of pension funds thief?
we are not surprised, d religious bigot & nepotic Buhari is very quick in dropping d hammer on these persons because d head is an Afonja man. Had it been d head is a gorogo eating hausa-fulani Mallam, d president will act as if nothing.

omenka:
It would take several Buharis and possibly decades to clean up the mess in Nigerian public institutions.

The rot isn't only in their bodies, it has eaten deep into the very souls of our institutions. At some point, it appears as though it is a totally hopeless situation.

That will be suicidal for the Masses.
Coz several buharis will lead to several recessions & decades of poverty.
God forbid!!

I'm confused here, Buhari, approved suspension and the minister did all appointment. I can sense foul play. I hope Aso rock makes clarifications on this. my observation though.

Source: https://www.google.com/amp/s/www.vanguardngr.com/2020/07/breaking-buhari-suspends-nsitf-md-somefun-3-directors-8-others/amp/[/quote]

Wholesale sacking should happen across the public sector like this before people would learn their lesson

in english, the "fun" will be pronounced "foon"... as in "spoon"

frog12:
nice!
actually sho-meh-fuun

Okoroawusa:
NSITF has always been a meeting place for vultures. I remember my dealings with them as far back as 2006 as a young researcher n resource person.
It reeks of free money. [/color]People sitting around doing next to nothing.


Suspending or sacking these ones won't solve anything. It's like a cult n Hydra headed monster in there. Cut one head n another grows in its stead.

Government has to put NSITF functions in perspective...do we need an organization like that? Isn't any other agency performing some or all of its functions?

The highlighted implies that NSITF is useless.So should be scrapped.Semantics.

I know this man. He was my NYSC Coordinator. Happy he rose through the ranks. But this man loves women no be small

At the end of the day aFulani man will b given the Post

This your submission is valid. Leave them, they don’t know

Bonjovi13:


You may need to educate yourself especially as you called yourself a researcher.
NSITF administered Pension matters until 2004.It transferred the sum of 62Billion Naira to TrustFund Pensions PLC.
No one who had a pension claim prior to the Pension Reform in 2004 with NSITF was left unpaid. Compare that with other public agencies in Nigeria.
NSITF was actually in a transformative stage in 2006 when you did your research. They were actually redundant.

However they succeeded in making themselves relevant in 2010 when they successfully midwifed their transistion and are currently administering the Employee Compensation scheme. The Nations single largest and organised social security scheme that pays compensation to all injured workers in the public and private sector who are injured in the course of their employment or who suffer occupational diseases,mental stress,diability or death.

They have over 5000 staff nationwide and do not owe salaries or allowances.

The staff are dedicated and responsible for enforcing the scheme.

Imagine the number of families that NSITF caters for.
The current management is responsible and independent from external control so will definitely step on powerful toes.

So next time seek enlightenment

OlujobaSamuel:

If you are in Lagos, check Ikeja along pedestrian bridge, there are about 2women selling it on the axis facing Oshodi

Thank you, I am not in Lagos presently, but will surely find them when I come around