On Friday, Lagos State Governor Babajide Sanwo-Olu caused buzz on social media with his ‘golden nuggets’ for managing retirement funds.>>>CONTINUE FULL READING HERE....CONTINUE READING THE ARTICLE FROM THE SOURCE
Mr Sanwo-Olu’s viral footage, in which he offered advice to pensioners while donning an Agbada and a traditional cap, ignited social media conversations.
The video was captured at the 105 Batch retirement bond certificate presentation ceremony for 2,000 retirees, which was held on Thursday in Ikeja, Lagos State.
This event was organised by the Lagos State Pension Commission (LASPEC).
Analysis
In the viral footage, Mr Sanwo-Olu cautioned retirees against donating their pensions to religious institutions (churches and mosques) or becoming victims of financial scams.
Speaking in Yoruba, the governor underscored the importance of retirees responsibly managing their funds to ensure personal sustainability.
He said: “Be careful; the devil has a way of bringing things you don’t plan for. You’re supposed to do something other than solve anybody’s problem. It’s your money; it’s what you worked for. I am happy that God has given you the grace to collect and receive the pension. And it’s not like you will go and pack everything and pay for it in a mosque or church.
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“They will say they want to build a church and tell you to come out to pledge N3 million. God will give you money, but you must use wisdom. Sanwo-Olu has done his part, little by little. Don’t allow anybody to lie to you; they don’t double money for anybody anywhere again. They are all frauds, Ponzi schemes, and 419.”
The 59-year-old strongly cautioned pensioners against using their pensions to resolve family or children’s issues.
“Don’t let a child say that they saw you on TV, saying that you have collected your pension and say they want to pay house rent. No, be sensible. It is about you and about what you’ve earned and worked for. You’ve given birth to them; don’t allow them to overpressure you.
“You will live very long; the remaining days shall be long. It is not that one child should come and bring problems to you. Don’t allow them to threaten you; it’s a lie, and there’s nothing. Let them go to their husband’s house, let them go and struggle by themselves. Don’t allow any grandchild to come with any problem to you,” the governor added.
N4.46 billion
Mr Sanwo-Olu announced on his official page Thursday that his administration has cleared all pension backlogs in the state.
He highlighted that his government disbursed N4.46 billion to 2,000 retirees, fulfilling its pledge to clear outstanding pension arrears.
“Today, we effectively cleared all pension backlog in Lagos State by paying N4.46 billion to 2,000 retirees. In February, we paid N3.1 billion to 1,013 retirees with a promise to settle all arrears and current pension liabilities, and that promise has been fulfilled today,” he noted.
Mr Sanwo-Olu said that since he assumed office, he had paid over N68 billion to retirement savings accounts for retirees across multiple government departments.
Highlighting new benefits for retirees, he stated, “Employees of the Lagos State Government who retire from the civil service will now get their full pension benefits and gratuity immediately after retirement as Lagos State continues to lead in pension benefits administration with a Pay As You Go template.”
Additionally, he unveiled a Health Insurance Scheme designed exclusively for retirees to ensure access to extensive medical services.
This initiative, he emphasised, reflects his administration’s dedication to prioritising the well-being of retired workers.
“This initiative underscores our commitment to the well-being of our retirees while ensuring that they receive not only what is due statutorily but also additional support and assistance to enhance their lives in retirement. Well done to the Lagos State Pension Commission DG, Mr Babalola Obilana, and his team for their continued dedication and professionalism.”>>>CONTINUE FULL READING HERE
