| Author: Mr Oluwaseun Gbolahan Arinde |
Institution: University Of Ilorin
Department: Department Of Public Law
Date Published: Monday, 28-January-2019 12:17:46 PM
Many Nigerians had considered government jobs in the past simply because of the peace and security that retirement offered. However the reason for workers to look forward to this period with relish and great pleasure seems to have faded with time. In contemporary Nigeria old men and women who had laboured in their youth only end up seeking financial refuge in their offspring when actually they ought to be financial self sufficient ,but the fruit of their labour had been withheld by the government they had once served meritoriously, thus it’s a known fact that getting gratuity and pension in Nigeria had become a nightmare for our old citizens especially those not covered by the new pension system newly introduced by the olusegun obasanjo administration. Thus in considering the real position of the pension industry in Nigeria and its effectiveness, this work delves into the various aspect and component of the pension sector in Nigeria. In pursuance of this, consideration is given to the brief history of the pension system in Nigeria starting with the first public sector pension scheme in Nigeria which was the pension ordinance of 1951 with a retrospective effect from 1946. The law allowed the governor general to grant pension and gratuities in accordance with the regulation which were reviewed from time to time with the approval of the secretary of state for colonial affairs in the U.K. government. Under this law vesting period was fixed at 10 years of service. However pension and gratuity was not a right because they could be reduced or withheld if established to the satisfaction of the governor general that the officer was found guilty of negligence. In 1954, the first private sector pension was established for the employees of Nigerian breweries, known as the Nigerian provident fund which was a largely savings scheme.