Oyibode Urges Council Staff to Plan Beyond Pension, Advocates Early Investment and Accommodation Security.

The Executive Chairman of Udu Local Government Council, Olorogun (Hon.) Vincent Ogheneruemu Oyibode JP, FCIA, has charged public servants to adopt deliberate planning strategies ahead of retirement, stressing that gratuity and pension alone can no longer guarantee financial security in today’s challenging economic climate.

Oyibode gave the advice yesterday Monday, 01/09/25, while rounding off a lecture series where a council staff had earlier spoken on pension and gratuity.

According to him, gratuity in the past provided a springboard for many retirees to start businesses, but the value of such benefits has depreciated over time, leaving most people unable to rely solely on it. He emphasized that the mercies of God sustain lives, but prudent financial planning is crucial.

Speaking on pension management, the Udu Council Boss explained the difference between programmed withdrawal and annuity schemes. He noted that while annuity guarantees payment for life, it is static without increments, making it difficult for retirees to cope with rising living costs in a capitalist economy.

“Life is not stagnant. When fuel prices go up, commodities follow, and bad roads increase transportation costs. How can one survive on a stagnant pension? This is why planning is key,” he stated.

Oyibode advised workers not to wait until retirement before preparing, urging them to save and invest wisely while still in active service. He stressed that one of the foremost needs to secure before retirement is accommodation, warning that retirees who pay rent out of their pension often face unbearable hardship.

Citing examples, he commended teachers’ cooperative societies for yielding better results than local government cooperatives, with many teachers investing in land, building houses, and establishing businesses. He narrated how one of his relatives invested in landed property, later building a house with shops attached, which now provides long-term financial stability.

The Council Chairman recommended that workers, where possible, should withdraw a portion of their pension savings (such as 60%) to boost business or investment ventures, while keeping the remaining 40% as a backup.

Summarizing his advice, Oyibode urged staff not to rely on gratuity or pension alone, but to:

Secure personal accommodation before retirement.

Invest in small businesses or income-generating assets.

Begin financial planning while still young and active.

Train children as a form of long-term security.

“Do not retire and become tired. Retirement should be a period of peace, not pressure,” he concluded.

Press Unit Office of The Executive Chairman of Udu Local Government Council.