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The Management of Ibrahim Badamasi Babangida University, Lapai received, in audiance the visiting Insurance groups of Nigeria Social Insurance Trust Fund(NSITF) and Jupiter Insurance interested in parntnering with the University to provide high insurance services

Welcoming the groups at a separate occasion, the Vice Chancellor Ibrahim badamasi babangida University, Lapai, Professor Abu Kasim Adamu reaffirmed the University’s commitment to partner and collaborate with any company or firm willing to partner with the university.

The Branch Manager of Nigeria Social Insurance Trust Fund (NSITF), Mr. Ayokunle Ogunrinde, gave the evolution of Nigeria Social Insurance Trust Funds which he said was an offshot of the defunct National Provident Fund which was a savings scheme for private sector employees towards retirement.

Mr. Ogunrinde explained some of the benefits of the employee compensation act to include, among others, provision of an open fair system of guaranteed of adequate compensation for employees or their defendants for any injury, death, desease or disability arising out or in the cause of employment; provision of rehabilitation for injured employees, and to combine effort and resources of relevant stakeholders for the prevention of workplace disabilities, including the enforcement of occupational safety standards.

Explaining further on the issue, Mr. Aliyu Abubakar, who is the Deputy Manager, Enforcement, Claims and Compensation, explained in detail how the compensation are paid to the employer.

He noted that in the case of accidents, compensation is paid to the employee, minimum of seven to fourteen working days from the day the accident occur and is paid based on their tarrif standards.

Mr. Abubakar also maintained that in a situation where the employee is involved in an accident and losts any part of his or her body, the NSITF pays compensation even though it varies, stressing that if the employee losses an arm, eighty percent compensation is paid to him, that is to say that eighty percent of his last salary will be paid.

The Deputy Manager explained that in the case of death of the employee on duty, and the deceased is survive by a spouse and three children ninety percent of his enrollment salary will be paid to the next of kin on monthly bases.

Similarly, the University Management also received Jupiter Insurance Brokers lead by the Managing Director, Malam Talle Mahmud who intimated the Management of the University on the services they provide for public and private companies in Nigeria.

In his welcome remarks the Vice Chancellor , Professor Abu Kasim Adamu reiterated the University Management’s commitment to partner and collaborate with Jupiter Insurance Brokers to provide services that will be of great benefit to its workers.

The General Manager while briefing the Management of the University, said Jupiter Insurance Brokers is licensed Insurance to provide services to operate on life and non life insurance to serve between the clients and the underwriter.

He itemized some of the products as group life, motor insurance, group personnel accidents and engineering insurance, adding that group life and personel accidents are life insurance, while motor insurance and engineering are a non life insurance.

Malam Talle elucidated the categories of insurance which he said are investments for retirement age, life insurance and also group life in the event of death.

He added that the group life insurance is compulsory for every organization that has more than five staff, while the motor insurance covers all the risk involved in traffic, ranging from accidents, theft and fire.

In their separate remarks, members of the University Management commended Jupiter Insurance Brokers for the group life insurance package, saying they have been waiting for such kind of package for so long to help amiliorate some issues workers faced while discharging their duties.

Responding the Vice Chancellor, Professor Abu Kasim Adamu applauded the insurance broker for bringing up group life insurance to cater for issues that are beyond the University.

He also urged Jupiter Insurance Brokers to interface with the Visitor to the University to key into the group life insurance scheme.

Highlights of the event is the presentation of souvenir to the the visiting company representatives.