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Lagos Remits N25bn to Retirement Savings Account 

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Retirement Savings Account

By Adedapo Adesanya

Over N25 billion has been paid into the Retirement Savings Account (RSA) of retirees by the Lagos State government, the Governor, Mr Babajide Sanwo-Olu, has said.

Mr Sanwo-Olu made the disclosure at the 81st retirement bond certificate presentation to retirees of the state public service in Lagos recently.

The Governor, who was represented at the presentation by Mrs Olubunmi Fabanwo, Chairman of the Lagos State Civil Service Commission, noted that this has been the tradition since his administration came on board 18 months ago.

He said that retirees were workers in the mainstream, local government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatal agencies of the state government.

“I am happy to report that 5,819 retirees are enjoying their retirement benefits under the Contributory Pension Scheme (CPS) in the past 18 months of my administration.

“It is gratifying to note that since the advent of this administration, the state government has paid over N25 billion into the RSA of the state’s retirees,” he said.

According to him, the state government has also remitted over N2 billion to the respective RSAs of 471 retirees through the Pension Fund Administrator (PFA) for the month of December.

Mr Sanwo-olu said that with such commitment and performance, it was not surprising that retiring officers in the state looked forward to retirement with more confidence and joy.

The Governor said that Lagos State had continued to be the leading light, not only in the administration of pension benefits but generally in good credible governance.

“Let me assure you that the state government through the Lagos State Pension Commission (LASPEC) will continue to ensure that public service retirees not only get what is due to them statutorily but also receive, through other agencies and programmes, additional support and assistance that will add value to their lives in retirement.

“I will continue to run an open government of inclusion that will ensure no one is left behind.

“We must therefore be determined to contribute to the change that is much expected to bail our country out of her present situation and make life worth living for everyone,” he said.

In her address, Mrs Ajibola Ponnle, Commissioner for Establishments, Training and Pensions, lauded the Governor for ensuring the availability of funds to the commission for the payment of retirement benefits as and when due.

“Despite the global pandemic and its impact on the Nigerian economy, the state government has made continuous monthly payments of accrued pension rights into the RSA of retirees a priority to enable them to have access to their retirement bond benefits,” she said.

Mrs Ponnle said following the emergence of Lagos State as the winner of the National Pension Commission (PenCom) award for the best compliant state in the Federation consecutively and consistently, the ministry and LASPEC were committed to maintaining the rating.

She said this would be done by improving on timely payment of retirees’ pensions and other applicable benefits upon disengagement from service.

The Commissioner congratulated the retirees and advised them to embrace the joy and challenges of their new phase of life.

“Do not hesitate to contact LASPEC or even the Ministry of Establishment, Training and Pensions, should you require clarification or advise regarding the modalities surrounding your retirement benefit matters,” she said.

Mr Babalola Obilana, Director-General, LASPEC, said the event was designed as the state government’s special gift for the retirees for the festive season.

Mr Obilana informed the retirees about the official launch of the RSA transfer window system by PenCom on November 16, which permits RSA holders to transfer their accounts from one PFA to another once a year.

“The activation of the RSA transfer process will engender competition and improve service delivery in the pension industry while asserting the rights of RSA holders to determine which PFA manages their pension contribution and retirement benefits,” he said.

The DG appreciated stakeholders, PFAs and Insurance companies for their relentless efforts toward the success of the CPS.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Tinubu in UAE for 2025 Abu Dhabi Sustainability Week

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Bola Tinubu 2027 presidential election

By Modupe Gbadeyanka

President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).

He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.

A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.

He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.

However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.

The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.

In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.

ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.

It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.

At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.

The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.

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Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement

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mudashiru obasa

By Dipo Olowookere

The Speaker of the Lagos State House of ​Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.

Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.

Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.

This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.

Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.

Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.

In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.

Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”

He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.

However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.

Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.

“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.

Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.

As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.

Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.

For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.

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Nigeria Suffers First National Grid Collapse of 2025

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national grid

By Modupe Gbadeyanka

Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.

It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.

Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.

It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.

This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.

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