Retirement Fears Driving Illicit Wealth Accumulation in Public Service, Adeyemo Says
Kathy Kyari
The Managing Director of Kristo Media Limited, Chief Oluwaseyi Adegoke Adeyemo, has identified poor retirement planning and the hardship faced by retirees as major factors fuelling corruption in Nigeria’s public service, warning that workers who fear an uncertain future may resort to illegal means to secure their financial survival.
Adeyemo made the assertion while delivering the keynote address at the 9th Anniversary Lecture and Awards of the Nigerian Economic Growth Forum (NEGF-Initiatives Concepts) in Lagos.
The event, held to commemorate Nigeria’s 66th Independence anniversary, had the theme, “Life After Retirement: Sustainability, Challenges and Prospects.”
According to Adeyemo, who retired from public service before venturing into media entrepreneurship and public speaking across Africa and Europe, Nigeria’s public service system fails to adequately prepare workers for life after retirement, leaving many uncertain about their financial future.
He argued that the sight of retired colleagues struggling to survive could encourage serving officers to accumulate wealth through corrupt practices while still in office.
“Some of us were told that in the old civil service, government used to build houses for workers before retirement. When that stopped and retirees began to suffer without their pensions, that was where corruption entered,” he said.
He added: “The only way to make the system succeed is to ensure those who retire from the system retire well. If serving officers continue to see retired colleagues suffering and begging, they will do everything to secure their future illegally while still in service.”
To address the challenge, Adeyemo called on public and private sector organisations, including the Nigeria Customs Service and the Nigerian Ports Authority, to introduce mandatory pre-retirement transition programmes for employees five to 10 years before their exit from service.
He maintained that structured preparation would enable workers to develop alternative sources of income, acquire relevant skills and make informed financial decisions before losing the regular income and institutional privileges associated with active service.
Painting a sobering picture of life after retirement, the media entrepreneur warned that influence, relevance and access to people in positions of authority could disappear once an individual leaves office.
He recounted how people he had assisted during his active years became inaccessible after his retirement, despite the relationships they had previously maintained.
“I applied for a strategic position after retirement and I was told 'we are sorry, you have retired. You are no longer needed.' That is the reality. The ovation will end. Prepare while you still have it,” he told the audience, which included captains of industry, military and paramilitary officers, and media executives.
Adeyemo outlined a five-point blueprint for achieving a sustainable life after retirement, urging workers to cultivate disciplined savings habits, prioritise their health, develop viable business plans, build relevant social networks and remain committed to mentoring others.
He advised workers to save consistently, regardless of how little they could afford, noting that pension payments alone might not adequately meet their needs in retirement.
On health management, he emphasised the importance of regular exercise and a balanced diet, warning that neglecting physical activity could undermine the quality of life retirees hope to enjoy.
“If you eat and sit without moving your body, that food will kill you,” he cautioned.
He also urged prospective retirees to undergo proper business training and develop sound investment plans before committing their gratuities to ventures, warning against relying on unrealistic promises of quick returns.
“Don't put all your gratuity in one venture because someone told you machines will just be printing money. You will lose everything,” he warned.
Adeyemo further stressed the importance of cultivating relationships within areas of future interest before retirement, while encouraging retirees to mentor younger people and contribute to society as a way of sustaining their relevance beyond formal employment.
In his opening remarks, Adisa said the anniversary lecture was designed to compel Nigerian workers to reflect on their preparedness for life after active service.
He challenged participants to assess their present efforts towards securing their future, framing the central concern of the gathering around a question: What are you doing today for tomorrow?
Adisa also expressed appreciation to the partners and security agencies that had supported NEGF-Initiatives Concepts since its establishment in 2017.
The forum, which was founded to promote excellence and national development, rounded off the anniversary celebration with the presentation of awards to distinguished Nigerians recognised for demonstrating sustainability, integrity and impact after retirement.
0 Comments