644 retirees get N2b benefits in Lagos, pending since before 2007
By Jeph Ajobaju, Chief Copy Editor
Some 644 pensioners have been paid N2.017 billion benefits by the Lagos State government after waiting in the sun and in the rain for more than years to lay hands on their lawful entitlements.
Lagos State Pension Commission (LSPC) Director General Babalola Obilana disclosed the payment at the 101st batch Retirement Bond Certificate presentation for retirees in Lagos State, according to the News Agency of Nigeria (NAN).
He said the government is committed to rewarding those who serve the state and the N2.017 billion is the retirees’ benefits before the commencement of the Contributory Pension Scheme (CPS) in 2007.
“It is indeed an honour to recognise and commend the retirees’ hard work and commitment demonstrated throughout their years of service to Lagos State,” Obilana stressed, per reporting by Daily Post.
“This retirement bond certificate presentation is not just a formality; it is a moment to reflect upon the remarkable contributions you all have made.”
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Pension schemes exclude 90% of Nigerians
Only 10 per cent of Nigerians (22 million) have access to pension schemes, according to Norrenberger Pensions Managing Director Hamisu Idris, which means most of the remaining 198 million people live a hardscrabble life after retirement.
Idris spoke in Abuja at a retirement planning seminar targeted at empowering individuals nearing retirement and retirees for a financially-secured future post-retirement.
“80 per cent of Nigerian retirees depend solely on their monthly pension for survival, many of whom live in constant fear of financial crisis based on delayed payments.
“This highlights the crucial role pension plays in their livelihoods. Moreso, only 10 per cent of the Nigerian population has access to pension schemes,” Idris said.
The seminar featured a robust financial literacy session covering key segments such as financial planning, insurance, lifestyle adjustment, legal and estate planning.
Attendees engaged Norrenberger’s subject matter experts on various themes in retirement planning and also explored other areas involving the profitability of their pension savings.
“In line with our mission to unlock opportunities in the society,” Idris explained, “we established this event to embolden individuals with the necessary knowledge to maximize the profitability of their pension savings and ultimately secure a comfortable retirement.”
Norrenberger Asset Management Business Head, Abigail Utomi, expressed enthusiasm about the initiative and its multiple benefits to the attendees and the wider society.
She emphasised the critical role events of this nature play in piloting financial literacy and security for senior citizens and positively impacting Nigeria’s capital market and economy.
“We continue to seek ways to deepen the market, grow our reach and expand our contribution to Nigeria’s GDP,” Utomi said.