NIGERIA SOCIAL INSURANCE TRUST FUND ACT

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NIGERIA SOCIAL INSURANCE TRUST FUND ACT

CHAPTER N88 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004

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ARRANGEMENT OF SECTIONS

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

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

7.     Appointment of the Managing Director and Executive Directors.

8.     Removal from office of the Managing Director and Executive Director.

9.     Appointment of secretary and other staff.

PART Ill – Coverage and exemptions

10.    Coverage.

11.    Exemptions.

PART IV – Contributions

12.    Categories of contributions.

13.    Contribution to be paid monthly: amount thereof.

14.    Penalty.

15.    Employer not to reduce remuneration on account of contributions.

PART V – Benefits

16.    Categories of benefits.

17.    Conversion of benefits into credits against stated purposes.

PART VI – Inspectors and powers of entry, etc. 

18.    Power of Board to designate its employees as inspectors.

19.    Power of inspectors to enter premises, etc.

PART VII – Penalties and legal proceedings

20.    Penalties

21.    Offences by body of persons.

22.    Conduct of proceedings in certain cases.

23.    Court to order payment of contribution together with interest and penalty.

24.    Proceedings for offences may be commenced at any time.

25.    Time for commencement of proceedings for recovery of contributions.

PART VIII – Financial provisions

26.    Estimates.

27.    Expenses to be paid out of the Fund.

28.    Investment of funds.

29.    Accounts and audit.

30.    Annual report.

PART IX – Miscellaneous provisions

31.    Determination of question as to liability to contribute.

32.    Documents executed by Board not liable to stamp duty.

33.    Board exempted from payment of income tax.

34.    Benefits exempted from tax and inalienable.

35.    Contributions to be tax deductible.

36.    Transfer of liability to contribution in the case of mergers, acquisitions, etc.

37.    Indemnity.

38.    Review of operation of the scheme.

39.    Reciprocal agreements.

40.    Regulations.

41.    Trustee Investments Act not to apply.

43.    Repeal.

43.    Savings and transfer of liabilities, staff, etc.

44.    Interpretation.

45.    Short title.

SCHEDULE

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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.

[1993 No. 73.]

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[Commencement.] [1st January, 1992]     

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

1.     Establishment of the Nigerian Social Insurance Trust Fund

There is hereby established a fund to be known as the Nigeria Social Insurance Trust Fund (in this Act referred to as “the Fund”) into which shall be paid all contributions and other monies as may be required to be paid or contributed under this Act and which Fund shall be operated and managed as provided in this Act.

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