PENSION ALERT: A Call To Rescue Retirees From Exploitation
When Damilola Omosebi published his compelling piece on the state of Nigeria’s pension system, it struck a deep chord. His paper is more than a well-researched essay it is a mirror reflecting how our nation treats those who built it. If Nigeria is serious about justice and reform, this conversation must go beyond social media trends and reach the desks of the National Assembly, PenCom, and even the Presidency. We can no longer pretend. What is happening to our pensioners is not policy oversight it is organized exploitation.
The Pension Trap: From Grace to Grass
Under the current pension regime, retirees who have worked tirelessly for decades are reduced to financial beggars. As Omosebi rightly highlighted, a retiree with ₦20 million in savings can now only access 25% of their lump sum, while pension administrators invest the remainder and pocket massive profits.
The math is cruel:
Retiree’s ₦20 million at 15% interest could earn ₦3 million annually (₦246,575 monthly).
Instead, the system forces them to accept ₦55,555 monthly, while administrators grow fat on their sweat.
As Femi Falana (SAN) once declared, “Any system that denies workers the fruit of their labour is not just unconstitutional; it is immoral.”
This policy doesn’t just strip retirees of their dignity it drives serving officers into corruption, as they scramble to “secure their future” before retirement. Former Head of Service, Mrs. Winifred Oyo-Ita, captured this truth when she warned:
“When people know they will retire into poverty, they will do everything to create a cushion while in service often at the expense of integrity.”
The Human Faces of a Broken System
This is not abstract economics; it is human suffering. Mr. Bamidele Akin, a retired teacher in Kwara State, lamented in The Guardian (2024):
> “I served this country for 35 years. Now I am told I can only touch 25% of my own savings while administrators invest the rest. How is this justice?”
These stories are far too common. Behind every statistic lies a veteran of service betrayed by a system that rewards administrators and punishes the very people who built Nigeria.
What Must Be Done
The recent Senate proposal to raise retirees’ access to 75% of their savings is a step forward, but it is not enough. Nigeria must go further:
Full Access to Savings: Retirees should be allowed 100% access to their pension funds.
Transparency in Fund Management: Pension administrators must disclose how they invest pension funds and share profits equitably.
Investment Autonomy for Retirees: Workers should have the right to decide how their savings are invested.
A National Call to Action
This is not merely Mallam Karfi’s fight or Mr. Akin’s burden it is the battle of every Nigerian worker. Today’s silence guarantees tomorrow’s suffering. We must demand that the National Assembly treat pension reform as a matter of national urgency. We must insist that PenCom be held accountable. And if necessary, we must call on the Presidency to intervene and rescue our elders from a future of destitution.
As Nelson Mandela once said:
“A society that does not value its older people denies its roots and endangers its future.”
This paper by Damilola Omosebi is the kind of advocacy Nigeria needs. It deserves not just to be read, but to be acted upon. If published widely and backed by public pressure, it could spark a movement to free Nigerian retirees from financial bondage. It is time to stop condemning our elders to the “grace-to-grass” syndrome. Their labour must not be wasted. Their dignity must be restored. And their future must be secured because one day, we will all walk that same road.
Dr. Gidado Abdulkarim Salimon writes from No 1b Halal Street Daudu Islamic Village, Ilorin kwara state.
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