Nigeria Social Insurance Trust Fund Act

ARRANGEMENT OF SECTIONS

PART I

Establishment and composition, etc., of the Nigeria Social Insurance Trust Fund
and Management Board

SECTION

1. Establishment of the Nigerian Social Insurance Trust Fund.
2. Establishment of the Nigerian Social Insurance Trust Fund Management Board.
3. Functions of the Board.
4. Membership of the Board.
5. Tenure of office.
6. Cessation of membership.

PART II

Management of the Fund and staff of the Board

1. Appointment of the Managing Director and Executive Directors.
2. Removal from office of the Managing Director and Executive Director.
3. Appointment of secretary and other staff.

PART Ill

Coverage and exemptions

1. Coverage.
2. Exemptions.

PART IV

Contributions

1. Categories of contributions.
2. Contribution to be paid monthly: amount thereof.
3. Penalty.
4. Employer not to reduce remuneration on account of contributions.

PART V

Benefits

1. Categories of benefits.
2. Conversion of benefits into credits against stated purposes.

PARTYI

Inspectors and powers of entry, etc. 
18. Power of Board to designate its employees as inspectors.

SECTION

19. Power of inspectors to enter premises, etc.

PART VII

Penalties and legal proceedings

1. Penalties
2. Offences by body of persons.
3. Conduct of proceedings in certain cases.
4. Court to order payment of contribution together with interest and penally.
5. Proceedings for offences may be commenced at any time.
6. Time for commencement of proceedings for recovery of contributions.

PART VIII

Financial provisions

1. Estimates.
2. Expenses to be paid out of the Fund.
3. Investment of funds.
4. Accounts and audit.
5. Annual report.

PART IX

Miscellaneous provisions

1. Determination of question as to liability to contribute.
2. Documents executed by Board not liable to stamp duty.
3. Board exempted from payment of income tax.
4. Benefits exempted from tax and inalienable.
5. Contributions to be tax deductible.
6. Transfer of liability to contribution in the case of mergers, acquisitions, etc.
7. Indemnity.
8. Review of operation of the scheme.
9. Reciprocal agreements.
10. Regulations.
11. Trustee Investments Act not to apply.
12. Repeal.
13. Savings and transfer of liabilities, staff, etc.
14. Interpretation.
15. Short title.

SCHEDULE

CHAPTERN88

NIGERIAN SOCIAL INSURANCE TRUST FUND ACT

An Act to establish the Nigerian Social Insurance Trust Fund and a Management
Board to administer the Fund; and for other matters connected therewith.