Business
Lagos Presents N1.7bn Retirement Bond Certificates
The Lagos State Government last Thursday presented retirement bond certificates worth N1.7 billion to 350 retirees who had served the state meritoriously.
Presenting the certificates, the state governor, Mr Babatunde Fashola, disclosed that a total of 1471 bond certificates worth N7.5 billion have so far been redeemed by retirees since the commencement of the scheme in Oct. 2010.
Fashola, who was represented by his deputy, Mrs Adejoke Orelope-Adefulire, also said that N29.5 billion was credited into the Retirement Savings Accounts of state government employees, under the Contributory Pension Scheme, since 2007.
“Since the commencement of the Contributory Pension Scheme, the state government has chosen yet again, to be the pack leader in pioneering the implementation of a pension policy that will assure the future of public servants.
“While there will always be room for improvement of process, I am proud to assert that issues of malpractice are fading into a distant memory in our state pension administration,” Fashola said.
The governor said that the main objective for subscribing to the contributory pension scheme was to ensure that retirement benefits were paid as and when due, to ensure the comfort of retirees.
“At the commencement of the scheme, we promised every worker that this administration would ensure adequate funding of the past service liabilities, in strict compliance with the provisions of the Lagos State Pension Reform Law No. 3 of 19 March, 2007,” Fashola said.
In his welcome address, the Director-General of Lagos State Pension Commission (LASPEC), Mr Rotimi Hussain, said that the commission would continue to work assiduously to ensure that retirees enjoyed lives of financial independence.
Hussain, however, enjoined the retirees to invest their money in lucrative ventures and avoid spending on frivolities, bearing in mind the economic situation in the country.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.