General News
Why NIA is Opposed to Workmen’s Compensation under NSITF—Ladipo-Ajayi
Olusola Ladipo-Ajayi, chairman of the Nigerian Insurers association, (NIA) has reiterated the association’s commitment to its stand that the Nigerian Social Insurance Trust Fund, NSITF, is not competent to handle the workmen’s compensation for workers. According to him, their superior argument is hinged on truth and nothing but the truth. He argued that workmen’s compensation fall within the traditional area of insurance which is within the commercial insurance subject area. He said right from time, workmen’s compensation has never been part of social insurance, stressing that injury and death of workmen have always been covered in the commercial market worldwide. He agreed that the Workmen Compensation Act requires amendment and most of the provisions of the Employees Compensation Bill are welcome by the insurance industry, stressing however that in terms of providing the service, it runs contrary to government policy. “You cannot create a huge monopoly out of the administration of employees’ compensation in this country and entrust it with a corporation that has had problems performing its mandate in the past. We all know the story of NPF and we all know the story of NSITF. I am not talking about the institutions now, what I am saying is that with the way that acts is structured, it has always been covered traditionally,” he said.
Ladipo-Ajayi told media men recently that there are a number of issues that the NIA has raised against the bill, and of which it was depending upon the integrity of the National Assembly to look into. He stressed that under this present provision’s there are discriminative provisions, especially for women, and “one of the things that we don’t really like is that, when two workmen are involved in an injury, in a particular incident, and both of them are on the same scale, they have spent the same number of years, serving their employer, the amount of benefit they will derive from the injury or death will depend on certain variables that have not got anything to do with their employment.” he said. Using the foreman as a basis for explanation, he said if a foreman has spent ten years and the other foreman has spent ten years, if there was an explosion in the factory where they were both working and both of them died, how are you now talking about the number of wives, as if you looked at the family history of an employee before you pay their salaries, that has nothing to do with employment, one man may have a wife, the other may not have, another one may have four wives, but their remuneration has nothing to do with their family size. He explained that “in ordinary insurance, there is an element of discrimination, somebody who works in a construction company, who is opened to more physical injury, should pay higher than someone who is a clerk, a civil servant or who is a banker.” But if you are now “asking the staff of major construction companies, who are constructing bridges, roads, and power station, to pay one per cent of their wages, and you are asking bankers to pay one per cent of their own wages too, what it means is that one party is paying less than the risk he’s introducing, and other party paying much more than the risk he’s introducing, one party is subsidizing the other.” He explained that when you look at rating regime in the Workmen Compensation Act, you see that it takes these elements of discrimination into consideration; the clerk pays about 0.75 per cent because the risk of injury is less. You cannot compare that with someone who spends the greater part of his day on the road. Explaining the volume of premium which workmen’s compensation has contributed over time, he stated that the “Workmen Compensation Act only stipulates the benefit accruable to every employee in given circumstances of injury and death, and there is a provision that the minister of labour should make a regulation making the insurance against those employers liability compulsory. But throughout the life of that Act, no regulation was made.” He added that even in Britain, they don’t talk of Workmen Compensation Act, they talk of employers’ liability, because originally, workmen compensation was meant for lowly paid workers, and sometimes in 1970’s, Britain paid employers liability and they took care of all employees, from the chief executive to messengers, not limited it to daily paid workers alone. The NIA boss stated that “one institution cannot manage all the employees in this country. As insurance companies, there are so many of us, if one insurance company does not do well, you can do business with another, but if the NSITF does not do well, where do you go from there? What is the process of seeking redress? Ordinarily, one of the things we pointed out to the National Assembly, is that in debating that Bill in the house, they ought to provide a comparative analysis of the new Bill with the Act it seeks to abolish, because everything about the Workmen Compensation is not totally useless but just specific, it makes it easy for any fool to calculate the Bill, to the extent that if you lose anything, however big or small, there is an amount to be paid. It is a one and for all Bill. You get you compensation in bulk and you go away. He stressed that the numbers of your dependant are immaterial. But the most important thing is that as an employee of a construction firm, and there is a particular incident, four of you are injured, all of you have equal treatment, because the salary your employer pays you is oblivious of your family size or sex.
Federal government has secured a fresh $208.3 million financing from the World Bank to strengthen Nigeria’s cash transfer programme targeted at poor and vulnerable households as the country continues to grapple with the economic impact of ongoing reforms.
President Bola Tinubu’
The new facility is expected to bolster the government’s social protection initiative by providing direct cash support to millions of low-income Nigerians affected by rising living costs following the removal of petrol subsidy and the liberalisation of the foreign exchange market.
The funding forms part of the World Bank-backed social safety net programme aimed at cushioning the impact of economic reforms while improving the country’s social protection system.
It is also expected to support efforts to enhance the National Social Register, strengthen payment systems and ensure that financial assistance reaches eligible beneficiaries more efficiently.
The latest financing adds to a growing list of World Bank-supported projects approved under President Bola Tinubu’s administration.
Since the administration assumed office in May 2023, Nigeria has secured more than $11.4 billion in World Bank loan approvals across key sectors, including power, agriculture, healthcare, education, digital infrastructure, financial inclusion and social protection.
However, only part of the approved funding has been disbursed, with several projects still at various stages of implementation.
Government officials have maintained that expanding the cash transfer programme is essential to protecting vulnerable Nigerians from the short-term effects of economic reforms while laying the foundation for long-term economic stability.
However, the fresh borrowing has renewed concerns among economists and policy analysts over Nigeria’s rising debt burden and increasing dependence on external financing.
Critics have called for greater transparency in the utilisation of borrowed funds and improved monitoring of social intervention programmes to ensure that the intended beneficiaries receive the support.
According to data from the Debt Management Office (DMO), Nigeria’s total public debt stood at approximately ₦159.28 trillion as of December 31, 2025, with multilateral lenders, particularly the World Bank, accounting for a significant portion of the country’s external debt portfolio.
Despite the concerns, analysts note that World Bank loans are generally concessional, offering lower interest rates and longer repayment periods than commercial loans.
They argue that the ultimate value of the new financing will depend on effective implementation, accountability and the successful delivery of cash support to vulnerable households across the country.
Socio-Economic Rights and Accountability Project (SERAP) has filed a legal action against the Independent National Electoral Commission (INEC) for allegedly failing to investigate claims that governors under the All Progressives Congress (APC) diverted N800 billion from public funds to finance President Bola Tinubu’s re-election bid.
The lawsuit, marked FHC/ABJ/CS/1426/2026, was filed last week before the Federal High Court in Abuja.
SERAP is asking the court to issue an order of mandamus directing INEC to investigate the allegations and compel the commission to obtain full disclosure from the APC and the governors on the alleged campaign fund, including the identities of donors and the lawful sources of the funds.Campaigns & Elections.
The organisation is also seeking an order directing INEC to commence a formal review into compliance with Section 91 of the Electoral Act by political parties and candidates, particularly regarding the sources and scale of campaign financing in the current political cycle.
According to SERAP, the allegations raise serious concerns about political finance transparency, electoral integrity and Nigerians’ constitutional right to participate freely in governance.
In the suit filed on its behalf by lawyers Kolawole Oluwadare and Kehinde Oyewumi, the organisation argued that the reported diversion of public funds for political purposes poses a significant threat to the credibility of the 2027 general elections.
It maintained that opaque political financing remains a major gateway for corruption and undermines public confidence in democratic institutions.
“The abuse of state resources for electoral advantage undermines democratic integrity and public trust. Fairness, transparency, and accountability in political or campaign finance are essential safeguards against corruption, state capture, and undue influence in democratic processes,” SERAP stated.
The organisation argued that Section 91 of the Electoral Act empowers INEC to regulate political donations, require disclosure of campaign contributions and enforce sanctions where donation limits are exceeded.
It noted that political parties found to have exceeded donation limits are liable to a fine of up to N10m and forfeiture of excess funds, while individuals who exceed the legal threshold face fines amounting to five times the excess contribution.
SERAP further contended that the commission has constitutional and statutory obligations to ensure transparency in political financing and prevent the misuse of public resources for electoral advantage.
According to the group, allegations involving large-scale public funds and opaque financial arrangements fall squarely within INEC’s investigative and monitoring responsibilities under the Constitution and the Electoral Act.
The suit also cited Sections 13, 14(2)(c) and 15(5) of the 1999 Constitution (as amended), arguing that they impose obligations on public institutions, including INEC, to safeguard democratic participation, prevent corruption and uphold constitutional principles.
SERAP further relied on international legal instruments, including the African Charter on Human and Peoples’ Rights, the International Covenant on Civil and Political Rights and the United Nations Convention against Corruption, which it said require transparency in political financing and accountability in the management of public resources.
The organisation argued that any diversion of public funds for campaign purposes would amount to a violation of both domestic and international legal obligations and would undermine the principle of a level playing field in elections.
No date has been fixed for the hearing of the suit.
Hydrogen Payment Services Company Limited has reinforced its commitment to community impact through an employee-led blood donation drive in partnership with the Lagos State Blood Transfusion Service (LSBTS) and Gbagada General Hospital.
Held recently, the initiative extended this year’s World Blood Donor Day campaign, themed “One Drop of Humanity. Give Blood. Save Lives.” It brought together Hydrogen employees in a collective effort to strengthen blood reserves for patients across Lagos State.
The drive recorded strong participation, with employees voluntarily donating blood to support critical healthcare needs, including emergency care, surgical procedures, maternal health, sickle cell treatment, and assistance for accident victims. The contributions will help bolster the state’s blood bank and improve access to life-saving interventions.
Medical teams from LSBTS and Gbagada General Hospital supervised the exercise and engaged participants on the importance of regular voluntary blood donation. They also addressed common misconceptions, reinforcing the role of consistent donors in maintaining a safe and adequate blood supply.
Dr. Folashade Tawak, Senior Medical Practitioner with the Lagos State Government, commended the initiative.
“Voluntary blood donation remains one of the most impactful ways individuals can contribute to saving lives. We commend Hydrogen for driving this initiative and encouraging active employee participation. Efforts like this are critical to sustaining the blood reserves needed for patients in urgent need,” she said.
Fiyinfoluwa Olorunsola, Acting Chief Executive Officer of Hydrogen, said the initiative reflects the company’s broader purpose.
“At Hydrogen, our responsibility goes beyond building payment infrastructure. We are committed to making a meaningful difference in the communities we serve. This drive brings our people together around a cause that directly saves lives, and I am proud of the culture we are building, defined by purpose, compassion, and service,” she noted.
Also speaking, Obinna Ojekwe, Head of Marketing and Communications, highlighted the personal impact of the initiative: “While we enable the seamless movement of value every day, this initiative allowed us to give something more personal. Knowing that a simple act can save lives makes this deeply meaningful, and it reflects the kind of organisation we are proud to be part of.”
The blood donation drive underscores Hydrogen’s commitment to creating value beyond financial transactions by empowering its employees to contribute meaningfully to society. It forms part of the company’s broader 2026 employee volunteering and CSR programme, with additional community-focused initiatives planned throughout the year.
Hydrogen Payment Services Company Limited Hydrogen Payment Services Company Limited (Hydrogen) is Africa’s institutional payments infrastructure partner, enabling financial institutions and large organisations to process, move, and settle payments at scale with trust and operational integrity.
Through resilient, Africa-focused infrastructure, Hydrogen helps institutions manage payment complexity, improve efficiency, and deliver reliable services across the continent.
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