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Gov. Sanwo-Olu’s administration pays N57.7bn pension benefit since 2019

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Gov. Babajide Sanwo-Olu of Lagos State has paid N57.7 billion pension benefits to 16,340 retirees of the state since the commencement of his administration in May 2019 till date.
Mr Afolabi Ayantayo, the state Commissioner for Establishments, Training and Pension, said this at the 102nd Retirement Presentation, organised by the Lagos State Pension Commission (LASPEC) in Lagos.
Ayantayo said that the beneficiaries were retirees from the Mainstream, Local Government, State Universal Basic Board (SUBEB),Teaching Service Commission (TESCOM) and other parastatals of the state government.
He said that since the inception of the Contributory Pension Scheme (CPS) in 2007, the state government had maintained its leading role in the administration of the scheme and payment of pension obligations to its beloved retirees.
The commissioner said: “The state government is truly grateful for your hard work and recognises the need to protect your retirement benefits.
“This is why we are committed to the ideals of the CPS with an objective to ensure you receive income regularly in your retirement.
“We have all come together to honour and recognise the dedication, hard work, and invaluable contributions of our retirees present today.
“The retirement bond that we are presenting to you today is not merely a token of appreciation; it is a symbol of our enduring gratitude and respect for the years of hard work and dedication you have invested in the state.
“The bonds you have forged, the wisdom you have shared, and the legacy you have built would continue to inspire us,” he said.
According to him, the state government is grateful for the service of its retirees and committed to implementing policies that will support their wellbeing.
Ayantayo congratulated the retirees and prayed that God gives them good health to enjoy their benefits.
In his remarks, the Director-General, LASPEC,Mr Babalola Obilana, said that the state government presented N1.258billion to 605 retirees, as their past service benefits prior to the commencement of CPS in 2007.
The fund released is for the accrued pension paid for the month of January.
Obilana thanked Sanwo-Olu for his unwavering commitment to the welfare of the people of Lagos state.
He said that the governor had continuously prioritised the need of pensioners and approved policies to ease the financial burden on retirees.
The director-general congratulatulated the retirees and thanked them for their remarkable service.
Obilana said:”Lagos state is thankful for your accomplishments and the enduring contributions you have made throughout your distinguished careers.
“You have exemplified the values that define our dear state, such as integrity, commitment and excellence.
“Your dedication and hard work has shaped the success of the “Centre of Excellence”.
“You are a source of inspiration for us all, and your legacy will undoubtedly continue to resonate within the public service.
Obilana charged the senior citizens to be wary of fraudsters who prey on vulnerable pensioners and always reach out to the commission for any pension-related information or further clarifications.
He prayed that the retirees days ahead be filled with the joy of newly-found freedom and the satisfaction of a well-lived professional journey.
The director-general appreciated the commission’s stakeholders, the Pension Fund Administrators (PFAs) and insurance companies for their relentless efforts and support towards the success of the CPS.

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AGF warns treasury managers against corruption, fraud

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Mrs Oluwatoyin Madein, the Accountant General of the Federation (AGF) has advised treasury managers to guard against corruption, fraud and financial mismanagement by implementing strong internal control mechanisms.

Madein said this at the training programme organised by the Chartered Institute of Treasury Management (CITM) in Abuja on Thursday.

The AGF, who was represented by Alhaji Muhammed Aliyu, Director, Special Duty, said that there was a need to safeguard public funds and protect the interest of government and the public.

“We must remain watchful against the threats of corruption, fraud and financial mismanagement by implementing a strong internal control system and promoting a culture of compliance.”

This, according to her, is in a bid to achieve the virtues and behaviours necessary to curtail corruption in the polity.

She said: “training and professional development are essential in equipping the practitioners with the knowledge and skills necessary to conduct the activities of Treasury Management Ethically.”

“Let us seize this opportunity to expand our understanding of ethical principles and best practices, so as to strengthen our ability to serve the public well.”

She urged the participants to uphold the highest ethical standards in their work and actions as treasury professionals.

According to her, together, we shall strive to build a future where transparency, integrity and accountability will be the focus in management of public finances.

“As professionals, we must resist the temptation of personal interest or undue influence in our decision-making processes.

“We must always prioritise the public interest above all other interests, even in the face of unpleasant situations or pressure from the public.” she said.

She said ethical conduct in treasury management entailed an extremely large number of principles, which includes transparency, honesty, accountability, and fairness.

“We must adhere to these principles seriously, not only to maintain public trust but also to imbibe a culture of integrity and transparency within our organisations.”

She said that as custodian of public funds, treasury managers bear a tremendous responsibility to uphold the highest standards of ethics and integrity in our profession.

Also speaking, the Registrar, CITM, Mr Olumide Adedoyin, said to curtail financial crime, there must be deterrent, adding that enlightenment is also key.

“Once you create awareness, you must empower professional associations particularly associations like CITM, ANAN, ICAN, because where we are going is an evolving journey.

“And along the line, there are gaps that needed to be filled and that is why treasury management becomes important , if you don’t involve treasury management in your financial flow you are going to lose it”, he said.

He said that sound treasury management would help to safeguard the nation’s financial system by fortifying financial inflow and reducing corruption in the system.

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Nigerian telecom operators ask NCC to approve price hike

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Telecommunication operators in Nigeria have said they are the only service providers that have not implemented price increments in the last 11 years despite soaring inflation.

The Association of Licensed Telecom Operators of Nigeria, ALTON, and the Association of Telecommunication Companies of Nigeria, ATCON, disclosed this in a recent joint statement.

The associations noted that current telecom sector pricing does not align with economic realities, threatens the industry’s sustainability, and can erode investors’ confidence.

The operators said the time has come for the Nigerian Communications Commission to approve price increments for the sector.

“ALTON and ATCON respectfully reiterate that telecommunications infrastructure development requires substantial investments in network expansion, maintenance, and technology upgrades.

“Despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last (11) years, primarily due to regulatory constraints.

“For a fully liberalized and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.

“ATCON and ALTON call upon the government to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability”, the statement by ALTON Chairman Engr. Gbenga Adebayo, and the President of ATCON, Engr Tony Izuagbe Emoekpere, said.

The development comes amid Nigeria’s soaring inflation, which stood at 33.20 in March 2024. This is as energy costs keep rising in Nigeria.

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Ogun Govt sympathises with victims of Ado Odo/Ota over rainstorm destruction

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…’We’re in touch with IBEDC for prompt action’

Ogun State  Government said it  is in touch with the Ibadan Electricity Distribution Company (IBEDC) to ensure the immediate fixing of poles damaged as a result of rainstorm occasioned by Sunday’s downpour in some parts of Sango in Ado Odo/Ota Local Government Area of the state.

The government, in a statement signed by the Special Adviser on Media, Hon. Kayode Akinmade said a team from the state government was in the area on Monday to physically ascertain the extent of damage and to know how to engage with IBEDC, as well as sympathising with victims.

Akinmade noted the cables had not been energised before the destruction, which saved lots of lives.

“Our team went on physical site inspection of the affected area on Monday to ascertain the extent of the damage and to know how to engage with the IBEDC team.

“We are currently working with the IBEDC team led by the Regional Manager and the Technical Head for the Ogun Region. Some of the less affected feeders have been restored and energised while the clean-up of the most affected areas has already started.

“Most of the poles on the roads have been removed while the remaining will be taken out today (Wednesday). We are working with IBEDC to ensure there will be full restoration of power in Sango Ota before the week runs out.

“The government is not relenting in its effort to make sure that we restore power to Sango Ota and its environs and we can assure the citizens that we are on top on the matter.

“We, therefore, commiserate with those whose properties were destroyed by the fallen poles, as the government urged those living in the area to remain calm.”

Residents of lyana lyesi, Osuke Town, Egan Road, lyana Ilogbo, Ijaba, Ijagba, Itele, Lafenwa, Singer, Joju, Alishiba, Oju Ore, Tollgate, Eledi, Akeja, Abebi, Osi Roundabout, Ota Town, Ota Industrial Estate, Igberen, lju, Atan, Onipanu, Obasanjo, Lusada, Arigba, Odugbe, Ado-Odo, Igbesa, Owode. Olokuta, Hanushi, Bamtish Camp Lufiwape, Eltees Farm, August Engineering, Spark Cear Soap Ayetoro, Amazing Grace Oil, Christopher University, Royal Garden Estate were affected by the disaster.

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