Our Governance
Foreword by NSSF Chairman Board of Directors
Unity and consensus-driven decision-making
The 13th Board has operated with unity and shared purpose, with most decisions reached by consensus, demonstrating effective collaboration and a collective commitment to the Fund’s mission.
The key challenges during FY2025
Despite the progress made, the Fund continues to navigate several challenges that impact its operations and strategic objectives.
Financial and economic challenges
The Fund remains exposed to ongoing global and regional economic volatility, including fluctuations in currency exchange rates and interest rates. These external factors continue to influence the Fund’s financial performance and investment returns, requiring vigilant monitoring and agile management.
Operational and service delivery challenges
The rollout of voluntary products, including Smartlife Flexi, has faced setbacks, particularly due to internal bulk registration bottlenecks that disrupted smooth implementation. These operational challenges are being actively addressed to enhance service delivery. Employer compliance rates remain low, impacting contribution inflows. The Fund is intensifying compliance efforts through targeted follow-ups with non-compliant employers as outlined in the annual plan.
Real estate sector challenges
Real estate continues to be a challenge particularly around land ownership stemming from people who claim to have competing interests, which has resulted in protracted litigation. Furthermore, project completion timelines have been affected by regulatory delays, often exacerbated by legislative requirements such as those under the Public Procurement and Disposal of Assets (PPDA) Act.
Technology and cybersecurity challenges
While automation and digital transformation have improved efficiency, they have also introduced new risks. The Fund has experienced vulnerabilities related to cyber-attacks and other technology-related issues. We are committed to conducting thorough root cause analyses before implementing new business requests to mitigate these risks.
Strategic alignment and investment diversification
There is an ongoing need to strengthen alignment between the Board and management on the strategic shift toward alternative investments. This includes exploring opportunities in community development and social investments, which are integral to the Fund’s evolving portfolio.
Innovation and technology rollout delays
A key expectation for the reporting period was the rollout of NAMCO, a strategic innovation initiative. However, its implementation did not materialise due to various challenges. The Board remains committed to engaging with stakeholders to address these issues and ensure the successful launch of this important project in the near future.
How challenges were mitigated
The Fund undertook continuous engagement and extensive consultations with all our stakeholders to understand their issues, secure feedback and adequately address pertinent issues.
The focus areas for the Board for the next financial year 2025/26
The Board commits to the following priorities:
Realign the Fund’s investment strategy to pursue alternative investments, with a focus on affordable housing, modern transportation and infrastructure development.
Expand social and alternative investments to further diversify the Fund’s portfolio.
Accelerate the inclusion of informal sector workers through targeted financial literacy programmes, bulk registrations and strategic partnerships.
Maintain a relentless focus on continuous improvement to ensure the Fund remains adaptive and resilient.
Strengthen Board and management alignment to drive effective strategy execution.
Emphasise self-regulation by reinforcing legal and regulatory compliance through the ARC.
Concluding remarks and message to members and stakeholders
I would like to express my sincere gratitude for your continued support and invaluable contributions to our shared journey. Our vision remains clear, and with your continued participation, we are poised to make even greater strides. We are committed to working together to make lives better, and your continued support is much appreciated as we move forward.
The Fund remains stable and resilient and firmly focused on creating and enhancing value for all stakeholders. Both the Board and Management are committed to safeguarding the resources entrusted to us, ensuring that members’ savings and the Fund’s capital are secure.
We encourage all stakeholders who have not yet joined the Fund to enroll and begin their savings journey with us. We appeal to the informal sector to embrace a culture of saving. NSSF is your trusted partner. Through our resilient investments, we are committed to improving the lives of our members and contributing to national development.
Thank you again for your unwavering commitment. We look forward to a future of continued collaboration and success.
Dr David Ogong, Chairman Board of Directors