Retiree demands for legislative action over fraudulent pension scheme, calls out AIICO

A retired Nigerian, Ajao Emmanuel Olushola, has voiced serious concerns about the country’s pension scheme, calling it fraudulent and pointed out Aiico Pension Managers (now FCMB Pensions Limited) as one of the culprits.

Olushola, who retired with a salary of N500,000 and been receiving a meager monthly pension of just N22,000 since 2017 from Aiico Pension Managers, has called on the Nigerian lawmakers to review the law guiding pension scheme in the country.

Also read: AIICO Insurance in trouble over breach of contract

In a emotional message shared with Freelanews, Olushola expressed his frustrations:

“Good day and thanks for your publication the other day, it made impacts on my colleagues who haven’t done theirs and also boosted the public perception of Wema Bank. Please, in furtherance of the issues I raised concerning the PFAs, I think our legislators need to know what we are presently encountering with the scheme. The disadvantages outweigh the advantages.”

Eguarekhide Longe, Managing Director/CEO of AIICO Pension Managers Limited — Eguarekhide Longe, fmr Managing Director/CEO of AIICO Pension Managers Limited

Olushola highlighted the significant challenges pensioners face under the current system.

He explained that retirees receive 25% of their total pension amount at retirement, with the remainder spread out as either annuities or programmed withdrawals. In both scenarios, the pensioners receive the same amount monthly until their death.

“Imagine me taking N22,000 since 2017 till date. No addition,” he lamented.

According to Olushola, while the funds are being invested and generating interest for the pension managers, the retirees themselves are left struggling.

He criticized the current law that allows such treatment, stating, “They are hiding under the law to maltreat us. The government needs to review the law that created it and make us enjoy.”

Olushola’s plight is further compounded by the current economic situation, which has rendered the funds almost useless.

He emphasized the need for voices like that of the media to amplify their concerns and push for immediate response and action from the authorities.

“You’re a voice for the voiceless, and when people like you put your mouth into the matter, we are sure of immediate response and actions. Thank you in anticipation. God bless your hustle,” he concluded.

This call to action from Olushola highlights the urgent need for a review and reform of the Nigerian pension system to ensure that retirees receive fair and adequate compensation.

The current system, which seems to benefit the pension managers more than the pensioners, requires legislative attention to address and rectify these pressing issues.