Opinion
Pension Administrators Or Human Exploiters?
It is an undisputed fact that the management of pensioner’s investment in Nigeria is as old as Nigeria itself. This idea which was designed to cater for the welfare of the pensionable retired workers has rather subjected pensioners to unbearable agonies such that most of them have become beggars, always looking up to the government for a more positive managerial approach.
All the same, the pension fund was introduced by the colonial masters to provide income and security for old age-British citizens working in Nigeria upon retirement as post-retirement benefit.
The first Nigerian legislative instrument on pension matters was the Pension Ordinance of 1951. This however, had retrospective effect from 1st January, 1946.
Numerous other reforms have taken place such as the National Products Forum Scheme (NPFS-1961), Pension Fund Act 103 (1979), Police and Government Pension Act 75 (1987), Insurance Trust Fund (NSITF – 1993) and the Pension Reform Act 2004.
The idea of management of pension fund in Nigeria was designed to cater for the welfare of the pensionable retired workers. This had for long gained global recognition and acceptance.
Considering the above, you will agree with me that many pension reform acts have been put in place since independence, but the questions poping up are: Are these pension funds well managed? Are the investment owners (pensioners) happy the way their hard-earned income is being managed? Certainly Not!
The pensioners are rather agitating for liberty to withdraw their whole sum to operate the kind of investment they want on their own since the sum given to an average pensioner is not up to the investment the administrator makes on his/her capital.
Moreso, there has also been clear evidence that pension funds managed by different companies achieve different results, although all of them operate in the same market conditions. Therefore, the proven assumption is that the results achieved by the pension funds depend on how well they are managed or more specifically on whether all decisions taken by management are in favour of the funds participants.
Recently, ideas and methods of corporate governance were offered to be applied to pension fund management. This methodology was developed in order to ideal with the so-called “principal agent problem” when shareholders, due to their large numbers and different locations, cannot organise themselves and ensure that company’s managers work exclusively for shareholders, rather than for their own interests. It would rather not be acceptable to use the term “corporate management” for the management of pension funds as the pension fund and the company have same essential differences.
The pension fund as we know, can have hundreds of thousands, of participants living in different areas who do not even know each other and hence, unable to organise themselves in order to reach an over-all agreement and to represent it. Similarly, the pension funds managing companies are subjected to this kind of problem too, that is, how to align the interests of the pension funds participants and those of the pension managing company’s shareholders.
The implication is that, the pension fund can be influenced by many interest parties who have different or even contradicting interests, all of them trying to divert fund management decisions “towards their interest’, thereby playing down or disregarding the interest of the pensioners who own these funds.
On this note, it is necessary to protect the interest of the pensioners who are still alive because a lot of them die, on daily basis like chickens. Their outstanding statement or outcry is that “the pension manipulators should be stopped and they (pensioners) be given the liberty to either withdraw their full sum of money for the investment that suits their interest or should be given their desirable investment.
I salute the recent Senate move to give the pensioners a new breath of life as they took a positive step in the right direction to provide succour to retirees who face grave difficulties in withdrawing their savings. The move by the Senate to amend the Pension Reform Act 2014 to allow retirees have access to 75 percent of their retirement saving will certainly give the pensioners a sigh of relief. Most of them are dead, while the living among them are wallowing in abject poverty with nothing to show for after their years of faithful service to their fatherland.
I, therefore, charge the government to change the present pathetic situation of the pensioners. Practical efforts must be made by the government, otherwise, the pensioners will continue to languish in pain and poverty and the death rate will continue to rise.
Government must do everything to protect the interest of the pensioners by ensuring that the pensioners have full access to their funds for effective management by themselves.
Workers, whether in public or private sectors, are expected to live comfortable life devoid of any form of dependency after retirement from active service; Therefore, the Federal Government has a role to enact favourable laws to ensure that the pensioners have full access to their investment or fund to enable them live a better and purposeful life after retirement.
Udofia writes from Western Delta University.
Ima-Obong Udofia
Opinion
Wike VS Soldier’s Altercation: Matters Arising
The events that unfolded in Abuja on Tuesday November 11, 2025 between the Minister of the Federal Capital Territory, Chief Nyesom Wike and a detachment of soldiers guarding a disputed property, led by Adams Yerima, a commissioned Naval Officer, may go down as one of the defining images of Nigeria’s democratic contradictions. It was not merely a quarrel over land. It was a confrontation between civil authority and the military legacy that still hovers over our national life.
Nyesom Wike, fiery and fearless as always, was seen on video exchanging words with a uniformed officer who refused to grant him passage to inspect a parcel of land alleged to have been illegally acquired. The minister’s voice rose, his temper flared, and the soldier, too, stood his ground, insisting on his own authority. Around them, aides, security men, and bystanders watched, stunned, as two embodiments of the Nigerian state clashed in the open.
The images spread fast, igniting debates across drawing rooms, beer parlours, and social media platforms. Some hailed Wike for standing up to military arrogance; others scolded him for perceived disrespect to the armed forces. Yet beneath the noise lies a deeper question about what sort of society we are building and whether power in Nigeria truly understands the limits of its own reach.
It is tragic that, more than two decades into civil rule, the relationship between the civilian arm of government and the military remains fragile and poorly understood. The presence of soldiers in a land dispute between private individuals and the city administration is, by all civic standards, an aberration. It recalls a dark era when might was right, and uniforms conferred immunity against accountability.
Wike’s anger, even if fiery, was rooted in a legitimate concern: that no individual, however connected or retired, should deploy the military to protect personal interests. That sentiment echoes the fundamental democratic creed that the law is supreme, not personalities. If his passion overshot decorum, it was perhaps a reflection of a nation weary of impunity.
On the other hand, the soldier in question is a symbol of another truth: that discipline, respect for order, and duty to hierarchy are ingrained in our armed forces. He may have been caught between conflicting instructions one from his superiors, another from a civilian minister exercising his lawful authority. The confusion points not to personal failure but to institutional dysfunction.
It is, therefore, simplistic to turn the incident into a morality play of good versus evil.
*********”**** What happened was an institutional embarrassment. Both men represented facets of the same failing system a polity still learning how to reconcile authority with civility, law with loyalty, and service with restraint.
In fairness, Wike has shown himself as a man of uncommon courage. Whether in Rivers State or at the FCTA, he does not shy away from confrontation. Yet courage without composure often feeds misunderstanding. A public officer must always be the cooler head, even when provoked, because the power of example outweighs the satisfaction of winning an argument.
Conversely, soldiers, too, must be reminded that their uniforms do not place them above civilian oversight. The military exists to defend the nation, not to enforce property claims or intimidate lawful authorities. Their participation in purely civil matters corrodes the image of the institution and erodes public trust.
One cannot overlook the irony: in a country where kidnappers roam highways and bandits sack villages, armed men are posted to guard contested land in the capital. It reflects misplaced priorities and distorted values. The Nigerian soldier, trained to defend sovereignty, should not be drawn into private or bureaucratic tussles.
Sycophancy remains the greatest ailment of our political culture. Many of those who now cheer one side or the other do so not out of conviction but out of convenience. Tomorrow they will switch allegiance. True patriotism lies not in defending personalities but in defending principles. A people enslaved by flattery cannot nurture a culture of justice.
The Nigerian elite must learn to submit to the same laws that govern the poor. When big men fence off public land and use connections to shield their interests, they mock the very constitution they swore to uphold. The FCT, as the mirror of national order, must not become a jungle where only the powerful can build.
The lesson for Wike himself is also clear: power is best exercised with calmness. The weight of his office demands more than bravery; it demands statesmanship. To lead is not merely to command, but to persuade — even those who resist your authority.
Equally, the lesson for the armed forces is that professionalism shines brightest in restraint. Obedience to illegal orders is not loyalty; it is complicity. The soldier who stands on the side of justice protects both his honour and the dignity of his uniform.
The Presidency, too, must see this episode as a wake-up call to clarify institutional boundaries. If soldiers can be drawn into civil enforcement without authorization, then our democracy remains at risk of subtle militarization. The constitution must speak louder than confusion.
The Nigerian public deserves better than spectacles of ego. We crave leaders who rise above emotion and officers who respect civilian supremacy. Our children must not inherit a nation where authority means shouting matches and intimidation in public glare.
Every democracy matures through such tests. What matters is whether we learn the right lessons. The British once had generals who defied parliament; the Americans once fought over states’ rights; Nigeria, too, must pass through her own growing pains but with humility, not hubris.
If the confrontation has stirred discomfort, then perhaps it has done the nation some good. It forces a conversation long overdue: Who truly owns the state — the citizen or the powerful? Can we build a Nigeria where institutions, not individuals, define our destiny?
As the dust settles, both the FCTA and the military hierarchy must conduct impartial investigations. The truth must be established — not to shame anyone, but to restore order. Where laws were broken, consequences must follow. Where misunderstandings occurred, apologies must be offered.
Let the rule of law triumph over the rule of impulse. Let civility triumph over confrontation. Let governance return to the path of dialogue and procedure.
Nigeria cannot continue to oscillate between civilian bravado and military arrogance. Both impulses spring from the same insecurity — the fear of losing control. True leadership lies in the ability to trust institutions to do their work without coercion.
Those who witnessed the clash saw a drama of two gladiators. One in starched khaki, one in well-cut suit. Both proud, both unyielding. But a nation cannot be built on stubbornness; it must be built on understanding. Power, when it meets power, should produce order, not chaos.
We must resist the temptation to glorify temper. Governance is not warfare; it is stewardship. The citizen watches, the world observes, and history records. How we handle moments like this will define our collective maturity.
The confrontation may have ended without violence, but it left deep questions in the national conscience. When men of authority quarrel in the open, institutions tremble. The people, once again, become spectators in a theatre of misplaced pride.
It is time for all who hold office — civilian or military — to remember that they serve under the same flag. That flag is neither khaki nor political colour; it is green-white-green, and it demands humility.
No victor, no vanquish only a lesson for a nation still learning to govern itself with dignity.
By; King Onunwor
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