Adetola Adegbayi, who was the Keynote Speaker at the recently held 2025 Inspenonline Retirement Summit in Lagos, whilst speaking on the theme: ‘Attaining Good Retirement Amid Economic Headwinds’ shared practical steps that should be taken to attain good retirement.

According to her, there should be personal finance experts to effectively educate the public, as against product sales agents who are keen on just selling products.

She also noted that there should be financial risk management experts and not promoters of pseudo gambling.

Adetola craved financial structuring/engineering and not financial swindling

Other solutions are: Financial education specialists and not just commissioned sales agents.

Adherence to 30-30-30-10 rule, which entails active life(Living expenses; discretionary spending; savings and debts repayment, while retirement plan(Bonds; stock & shock; real estate/property and cash)

She submitted that there should be a national wealth management initiative and not just a national budget and that there should be calculated risk taking and not greed, whereby those who want to take get taken.

Adetola Adegbayi’s submissions were supported by the former Commissioner for Insurance Fola Daniel; who was the chairman of the event; chairman STI Leasing Limited Tom Ogboi; Managing Consulting Motodols Consults Mrs Folashade Onanuga, Commissioner for Insurance Olusegun Omosehin and many other dignitaries, who advocated early planning and financial prudence as also good tools for good retirement.

Inflation keeps making things volatile, groceries cost more each month, and let’s not even get started on rent! It’s enough to make you wonder, “Can I really afford to retire someday?”

But this is not limited to Nigeria. An X user said, “The world is turning into an unlivable furnace, world leaders are supporting a genocide, inequality is skyrocketing, and many in the younger generations will never be able to afford stable housing, let alone retirement.”

Another user said even if you can afford to own a home, with inflation rising, you won’t be able to afford paying property tax! “Seniors who live on only social security and pension continue working after retirement just to pay that exuberant property tax. Property tax is the all life burden for owners.”

The Americans’ point about an uncertain future hits a bit close to home, doesn’t it? We see our parents, and grandparents, struggling to make ends meet, even with a pension. The question becomes, will the pension system even be there for us?

Nigeria’s Pension Industry Gains N3.36 trillion in 2023, Fastest Growth on Record

Lots of people like to blame the internet for negativity, but sometimes, reality can be harsh. Property taxes going up while salaries struggle to keep pace? That’s a recipe that will force you to keep working even during your retirement years, instead of enjoying a leisurely and carefree lifestyle.

Here’s the thing, saving for retirement in Nigeria isn’t impossible, but it takes some serious planning and a healthy dose of hustle.

Challenges and Strategies for Nigerians

While these broader issues are obvious, let’s narrow our focus to the specific economic factors affecting retirement planning in Nigeria.

Inflation is a silent enemy to savers. As prices rise, the value of your hard-earned savings diminishes. This is particularly worrisome for retirees who rely on fixed-income sources like pensions, annuities, or savings interest. 

Inflation erodes the real value of these payments over time, making it harder to afford basic necessities. To combat this, consider investments like stocks or real estate that have the potential to outpace inflation. 

Additionally, factor in inflation rates when planning your retirement budget to ensure your savings last throughout your golden years.

Another important aspect is the Nigerian pension system. While it has evolved, there are still challenges. Some retirees face frustrating delays in receiving their pension benefits, causing huge financial disruptions. 

To mitigate this risk, consider alternative savings options to supplement your pension income. The Contributory Pension Scheme (CPS) is a positive step, mandating contributions to Retirement Savings Accounts (RSAs) by both employers and employees. 

These contributions accumulate over time, providing a lump sum at retirement. Take an active role by managing your RSA and monitoring contributions to ensure everything is on track. 

The CPS also allows for voluntary contributions, offering an excellent opportunity to boost your retirement savings. Consult with a financial advisor to determine the optimal contribution amount that fits your financial situation.

Now, let’s get practical. Here are some essential strategies to ensure a comfortable retirement in Nigeria:

Start Early

The advantage of compound interest is undeniable. The sooner you start saving, even small contributions, the more your money grows over time.

Diversify Investments

Don’t put all your eggs in one basket. Invest in a variety of assets like stocks, bonds, real estate, and mutual funds. Diversification helps spread risk and maximize potential returns.

Take advantage of your employer’s pension plan if they offer one — it’s essentially free money for your future self. 

Budget and Live Below Your Means

Creating a realistic budget and tracking your expenses is important. Cut back on unnecessary spending and debt, prioritize saving for a comfortable retirement rather than immediate gratification. 

Seek Professional Advice

Consult a financial advisor or planner. They can help create a personalized retirement plan that considers your risk tolerance, financial goals, and tax-efficient strategies. 

Side Hustle

Consider a side hustle, like freelancing or a small business, to generate extra income and enhance your savings. A little effort now can make a big difference in your golden years.

Retirement planning isn’t a one-size-fits-all situation. In Nigeria, it demands proactive planning, informed decisions, and adaptability. 

Saving for retirement might feel like climbing a mountain, but the view from the top, a life of comfort and security, is definitely worth the climb. Don’t let the negativity win, let’s be the generation that breaks the cycle and enjoys a well-deserved retirement.

However, a member of FCMB Group Plc, FCMB Asset Management Limited appears to have insights into ways to simplify the journey towards a comfortable retirement.

FCMB Asset Management Limited’s recent webinar, “Smart Retirement – Investing Ahead”, educated and provided attendees with actionable strategies for taking charge of their financial future by leveraging the power of compounding and the accessibility of investing, debunking the myth that significant capital is required to begin the investment journey.

Tinuola Odufuye, head of Business Development at FCMB Asset Management, moderated the insightful webinar.

She set the stage for a very educative discussion with a panel of financial subject-matter experts drawn from the FCMB Group’s supportive ecosystem that connects people, capital and markets.

Also, Nduka Offiah, Head of Alternative Assets at FCMB Asset Management, shared insights on the potential investment portfolio benefits of the Alternative Assets class and offered strategies to diversify portfolios and navigate challenging market conditions.

Abiola Ajayi, Head of UHNI & HNI Unit at FCMB Asset Management, spoke on investment solutions tailored to both Ultra-High Net-worth Individuals and High Networth Individuals, emphasising personalised wealth management and legacy planning.

Leveraging her in-depth knowledge of trusts and estate planning, Oluwayemisi Arowolo, who heads Trust Services at another subsidiary of FCMB Group Plc, FCMB Trustees Limited, clarified the legal structures essential for protecting and transferring assets effectively.

At the same time, Richard Ade-Martins, Head of Business Development South at FCMB Pensions Limited, which is another member of FCMB Group Plc, spoke on pensions, highlighting FCMB Pensions’ commitment to best practices.

This impressive lineup of professionals ensured a multifaceted and informative exploration of the strategies and options available for building a secure financial future.

Here is a recap of the key takeaways from the thoroughly enjoyable session:

Start Early: 

It is important to start investment early. Starting early provides a longer runway for your money to grow and compound, potentially leading to a larger nest egg.

Investing is for Everyone: 

The panel debunked the myth that significant capital is required to invest. The panelists encouraged attendees to begin their investment journey with as little as N1,000 in Mutual Funds offered by FCMB Asset Management Limited, making financial security accessible to all Nigerians.

Estate Planning: 

Apart from wealth preservation, Wills and Trusts provide a clear plan that ensures a smooth transition for beneficiaries. It fosters communication and reduces the risk of conflict.

Unlocking Your RSA: 

The webinar explored the benefits of the RSA Mortgage option offered by FCMB Pensions Limited. This option allows individuals to access a portion of their Retirement Savings Account (RSA) to secure a home purchase, facilitating wealth creation beyond retirement savings.

Financial Inclusion for Business Owners: 

FCMB Pensions’ micro-pension plans cater to business owners with up to three employees, promoting financial inclusion within the informal sector. The flexibility of withdrawing up to 40% of contributions acknowledges the unique needs of business owners who may require access to funds for operational purposes.

Combating Inflation: 

Alternative Assets investments and currency hedging options were discussed as tools to preserve wealth and purchasing power.

Investing for Young Minds: 

Valuable advice was offered to students interested in starting their investment journey early to maximise the benefits of compound interest.

Retirement savings remittance from overseas: 

The webinar clarified the possibility for Nigerians working abroad to set up Naira-denominated pension plans with FCMB Pensions Limited, subject to their employer’s remittance policies.

Staying Ahead of the Curve: 

The expert panel highlighted the importance of staying informed on current investment strategies to ensure that your financial roadmap adapts to changing circumstances and economic realities, to build a sustainable financial future.

You can reach out to the organisers of the webinar at  FCMB Asset Management.

The governor spoke during a live media chat to intimate residents of steps being taken to reduce the economic burden on Lagosians.

On Tuesday, the Lagos State House of Assembly resolved to summon the state commissioners for agriculture and transportation to brief lawmakers on what they were doing to make life more bearable for residents in view of the economic hardship confronting the country.

Announcing measures the government was taking, the governor said civil servants from levels one to 14 would begin to work only three days a week as part of a measure to ease the economic challenges on residents.

“As a government, we cannot be everything and everywhere but we can provide and create avenues for others to join us. The first we have done or will be doing from today going forward is that we want to start with our public servants. Even the challenge that we see now, can we be creative and have flexible working hours? So immediately from next week, we are working out the plans where civil servants from levels one to 14 will come to the office a maximum of three times a week. Not that any form of government will be shut down, it will all be calendarised and it will be on schedule. Levels 15 to 17 will miss work a day,” he said.

On transport, Sanwo-Olu said, “We are also implementing a 25 per cent reduction on transport services for the state public transport system (BRT, train, ferry), putting back over N500m monthly into the pockets of Lagosians. With the Red Line Rail about to be launched, there will be a lot more options for our residents. We are also in discussions with various unions to reduce their fares, and we will announce any new developments.”

The governor said the state would be exploring three major avenues to ensure Lagosians get affordable foodstuffs to ease the economic burden.

“We will open soup kitchens/bowls where identified caterers (mama put) will be employed across local government areas to feed those who need it, once daily. Beneficiaries will get vouchers to be able to access the kitchens. We will also be having food purchases and redistribution to people who need it, especially as we are currently expecting about 100 trailer loads of rice and grains.

“Also, we will be having Sunday markets in 42 identified markets where people can buy cheaply at discounted rates. Purchase will however be limited to N25,000 to ensure that those who really need it benefit from the initiative.”

In the health sector, Sanwo-Olu announced free delivery in all general hospitals (normal and ceaserain section), and a rebate on certain medications. He also said the six health districts would be holding free health missions twice a week for the next three months.

According to him, the state government would cater for the costs of free child deliveries across all 31 general hospitals, either through normal birth or cesarean section.

“Our healthcare initiatives are set to benefit over 50,000 women annually with free childbirth services across the state’s general hospitals and secondary health facilities, alongside distributing free hypertensive medications to individuals in need,” he added.

Sanwo-Olu noted that the state government would ensure the prompt payment of pensions to retired civil servants in the state, saying “within a month” after retirement, “you should be able to get your cheque.”

Speaking on other projects in the state, Sanwo-Olu further noted that “the Red Line has entered Ogun State, and we are discussing ways to do more extensions.”

Summary

1. 3 working days for Civil Servants levels 0-14, 4 days for levels 15-17 but teachers remain 5 days because of students exams and special transport arrangements in place to reduce the pressure on teachers.
2. 100 trailers of rice for 300,000 households soon.
3. Re-introduction of Sunday Markets for subsidised goods at selected places.
4. Subsidy on some drugs.
5. No more ‘show of tax receipt’ in public schools to bring students back to school.
6. Re-introduction of 25% transport rebait/subsidy in Lagos

Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission, announced this at the 99th Batch Retirement Bond Certificate Presentation at NECA, Ikeja.

Obilana, who presented the certificates to the retirees of the Lagos State Public Service, stated that the state had been working in accordance with the CPS’s ideals.

He emphasized that the Sanwo-Olu administration had been ensuring consistent payment of pension liabilities and first-rate service to its retirees.

He said: “This administration is committed to improving the welfare of our senior citizens and has initiated various programs to secure the financial freedom of our retirees. Today, we are here to celebrate your dedication and service to Lagos State. Your labor while in public service has not been forgotten. Thank you for your contribution to the dream of a greater Lagos.

“We appreciate our stakeholders, the PFAs/Insurance companies for their relentless efforts towards the success of the CPS. I also want to enjoin retirees to take very good care of themselves because health is wealth. Be prudent with your expenses,” he advised.