A former Head of Service (HoS) in Oyo State, Mr. Soji Eniade on Saturday encouraged retirees to be ahead of time in preparing for their retirement the moment they get employed, just as he shared specific retirement tips.
Eniade , while speaking at a reunion program organised by the 1997 set of Bishop Phillips Academy, Ibadan, also stated that financial issues have made pension unreliable as state governors are finding it extremely difficult to be up to date in salary payment.
The ex-Head of Service, who was ill-at ease over the already gloomy unemployment situation in the country said , ” It is unfortunate that many graduates who are unemployed are still in the labour market so many parents who invested in their children’s education suffer from this”.
According to him, “It is important for every hale and hearty employee to prepare for his retirement right now. While I was in active service. My mother gave me two advises: don’t use all your hands to eat and don’t use your money for bean cakes (enjoyment). It is important for workers to start preparing for retirement right from the day they start working,”he said.
“I am not vast about the retirement pattern in the private sector because I served in the public sector. In most cases when some organizations restructure, they will have to downsize, extinction, bankruptcy, and other factors can cause retirement.
“Due to the many challenges of pension in the country, the federal government adopted the British model of contributory pension but it has failed because many states of the federation can’t meet up because they refuse to pay.
“In essence, financial issues have made pension unreliable. How do you expect states that can’t pay salary to pay pension? I’ll use this moment to commend Governor Seyi Makinde, he is doing well in that regard.
“In Britain, retirement life is very easy because you are entitled to various things like free basic healthcare and transport ticket but all these are not readily available in Nigeria. Most retirees in our country use their pension to buy drugs to feed themselves in life”, he submitted.
Sharing tips on how workers can secure a good retirement plan, Eniade continued: “Good and trusted relationship with spouses. Good upbringing and quality education for our children. The holy Bible says ‘train your child and he shall give you peace.
“During our days, public education had great quality and schools like Bishop Phillips Academy that were privately owned was heavily subsidised by the government making it affordable for everyone but the situation is not the same today again. In this case, all of us must continue to advocate for quality public education in the country.
“The fourth point is good healthcare”, he emphasized.
Also commenting at the event is a three-time Commissioner in Oyo State, Dr. Morounkola Thomas, who spoke on the topic: ‘Importance of quality education in nation building: the place of alumni group under review’.
The former Executive Assistant to late Governor Abiola Ajimobi on political matters, noted that the place of alumni association as a critical stakeholder in the provision of quality education in schools is of essential importance.
Earlier in his welcome address, the Ibadan Regional Chairman of the 1997 set of the alumni association, Pastor Oyewale Oyegoke appreciated all members who took their time to attend the reunion program despite their tight schedule.
Speaking further, he revealed that in 2020, the alumni association embarked on a project titled ‘operation zero tattered cloth and footwear’.
According to the Chairman, the project, which involves the provision of new school uniform and footwear for students with tattered ones; recorded a success story, assuring that the association is determined to do more.
Dignitaries present at the epoch -making event include, the National Chairman, Bishop Phillips Old Students’ Association, Ibadan Region, Alhaji Adekunle Ogunshola; National chairman, 1997 set, Mr. Femi Akintayo among others
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.