Olusegun Adeniyi writes | Let’s talk about that N4trillion pension pot of gold

by Olusegun Adeniyi

Olusegun-Adeniyi1

By increasing contribution from employers and employees, it also means that there would be more money to the funds to the advantage of the workers in future.

It was one of those brilliant memos in 2001 from then Director-General of the Bureau for Public Enterprises (BPE), Mallam Nasir el-Rufai, to which President Olusegun Obasanjo was instantly sold. However, he didn’t like the fact that el-Rufai would suggest that only Mr. Tajudeen Fola Adeola could midwife a reform of the pension scheme in Nigeria. Aside the fact that Obasanjo doesn’t enjoy being dictated to, he also was/is not a friend of Adeola, a feeling that I understand is mutual, even though both of them hail from Abeokuta.

Notwithstanding, preliminary checks by the former president revealed that el-Rufai and Adeola were not particularly close so he concluded that the recommendation must have been based on some objective criteria. Vice President Atiku Abubakar, as chair of the National Council on Privatisation, would later explain to the president how an actuarial consultant’s report on the N43 billion underfunded pension liabilities in NITEL had exposed the looming danger about pensions in Nigeria and the necessity for a comprehensive reform. What eventually tilted the scale was that Adeola, who was at that period still at his duty post in

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