• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, August 24, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Implement Pension Increment For Retirees, PenCom Charges Sanwo-Olu

by Mark Itsibor
4 months ago
in Business
Governor Babajide Sanwo-Olu.

Governor Babajide Sanwo-Olu.

Share on WhatsAppShare on FacebookShare on XTelegram

The National Pension Commission (PenCom) has urged the Lagos State Governor, Babajide Sanwo-Olu, to extend periodic pension increases currently enjoyed by Defined Benefit Scheme (DBS) retirees to those under the Contributory Pension Scheme (CPS) to boost their monthly pensions.

Advertisement

The director-general of PenCom,  Omolola Oloworaran, made the request during a courtesy visit to Governor Sanwo-Olu at the Lagos State Government House on Wednesday, according to a statement by the commission.

The visit was to present the report of PenCom’s 2024 routine inspection of the Lagos State Pension Commission (LASPEC) and to thank the Governor for confirming his participation as special guest at the Pension Industry Leadership Retreat starting 8 May 2025.

PenCom DG pointed out that currently, only DBS retirees are paid pension increases in Lagos State, leaving out their counterparts under the CPS.  She made a case for the prioritisation of retirees under the CPS given the contributory nature of the scheme.

Ms. Oloworaran lauded Lagos State as a leading model in the Federation for its effective implementation of the CPS. She highlighted key achievements, including consistent deduction and remittance of employee contributions to their Retirement Savings Accounts (RSAs), full settlement of all backlog of accrued pension rights, the existence of a valid Group Life Insurance Policy for most public service employees, and the deployment of advanced ICT systems to enhance pension administration in Lagos State.

RELATED

PICTORIAL: Air Peace Gets 4th Boeing 777, Unveils New Intercontinental Routes

PICTORIAL: Air Peace Gets 4th Boeing 777, Unveils New Intercontinental Routes

15 hours ago
Three Crown Celebrates 2025 Mum Of The Year Campaign

Three Crown Celebrates 2025 Mum Of The Year Campaign

1 day ago
ADVERTISEMENT

Despite this progress, PenCom DG proposed a partnership with Lagos State to make the Pension Clearance Certificate (PCC) a mandatory requirement for companies seeking Lagos State Government contracts and services, as practiced at the federal level.

In addition, the DG recommended transitioning unremitted contributions currently held in commercial banks’ escrow accounts into Transitional Contribution Fund (TCF) accounts managed by Pension Fund Administrators (PFAs), to optimise investment returns.

She also advised Lagos State to implement an Irrevocable Standing Payment Order (ISPO) for pension contributions to be automatically deducted and remitted from Federation Account Allocation Committee (FAAC) allocations. This is to protect pension remittances from potential administrative delays.

ADVERTISEMENT

While commending the State for its N600 million bailout for outstanding accrued rights of Lagos State University of Education (LASUED) retirees, PenCom DG appealed for further intervention to address unpaid benefits from 2023 and 2024.

The DG also urged the Governor to consider implementing the Minimum Pension Guarantee (MPG), similar to what obtains at the mandatory CPS level. She informed the Governor that the Federal Government had started its MPG contributions and included it in the recent approval to issue the N758 billion bond to clear pension liabilities.

In response, Governor Sanwo-Olu reaffirmed the State’s commitment to pension reforms and praised the collaborative relationship with PenCom under the current leadership.

The Governor expressed support for implementing pension increases for CPS retirees.

He expressed the importance of workers’ welfare in his administration’s agenda.

While he was optimistic about the sustainability of reforms by future administrations, he noted that an ISPO may not be necessary at this time.

The Governor also called on PenCom to support Lagos State’s developmental initiatives by encouraging pension fund investments in government-issued bonds.

 

 


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: Babajide Sanwo-OluNational Pension Commission (PenCom)
SendShare10171Tweet6357Share
ADVERTISEMENT
Previous Post

Bellazir Energy Launches, To Tackle Fuel Delivery Gaps

Next Post

SeamlessHR, AOPN Empower Outsourcing CEOs On Payroll Solutions For Sustainable Growth

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

PICTORIAL: Air Peace Gets 4th Boeing 777, Unveils New Intercontinental Routes
Business

PICTORIAL: Air Peace Gets 4th Boeing 777, Unveils New Intercontinental Routes

2025/08/23
Three Crown Celebrates 2025 Mum Of The Year Campaign
Business

Three Crown Celebrates 2025 Mum Of The Year Campaign

2025/08/23
NGX Group Appoints Popoola As GMD/CEO
Business

Domestic Investors Dominate NGX Trades With N1.67trn In July

2025/08/23
FG Completes Repairs On Tin Can Port Access Road
Business

Customs Generates N16.4bn In Single Day At Tin Can Port

2025/08/23
Firm To Sustain Leadership, Youth Empowerment, Unlocks 6,000bpd  In Nigeria
Business

Firm To Sustain Leadership, Youth Empowerment, Unlocks 6,000bpd In Nigeria

2025/08/23
IMO Ready To Collaborate With NIMASA On Marítime Challenges – Scribe
Business

NIMASA Pledges Increased Monitoring, Enforcement On Vessels Over Marine Pollution

2025/08/23
Leadership Conference advertisement

LATEST

Cyprus Club Akritas Chlorakas Signs Nigerian Defender Izuchukwu Anthony

We Supported Rufai, Chuckwu’s Families, NFF Replies Taribo

NPFL: Nasarawa United Unveil New Kits For 2025/26 Season

NPFL: ‘Abia Warriors Are Ready For New Season’ – Amapakabo

Nigeria’s Adama Makes History, Clinches Silver Medal At World Junior Swimming Championships

Tottenham Shock Man City To Maintain Winning Start

Past Experiences Raise Concerns Over Timely Delivery of Tinubu’s Gifts to Falcons, D’Tigress

Bayelsa Govt Alerts On Rising Health Risks

Abia Govt Approves 2 Hilux Vans For NDLEA

Akwa Ibom APC Debunks Rumour On Senate President

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.