BENIN CITY – The University of Benin (UNIBEN) has honoured the late Prof. Adebayo Akerele with the unveiling of an Information and Communication Technology (ICT) Hub at an event where Globus Bank co-founder, Mr. Elias Igbinakenzua, called for reforms to strengthen Nigeria’s pension system.
Delivering the keynote lecture at the 9th Professor Adebayo Akerele Memorial Lecture Series at the Akin Deko Auditorium of the University, Igbinakenzua advocated stricter enforcement of statutory pension remittances, inflation-indexed salaries, greater transparency in Retirement Savings Accounts (RSAs) and improved financial planning by workers.
Speaking on the theme, “Financial Planning and Retirement Dilemma: The Focus of Nigerian Employees,” he said that Nigeria’s workforce is largely young and concentrated in the informal sector, leaving millions of workers outside the Contributory Pension Scheme and without structured retirement savings.
He noted that although salaries have increased over the years, rising inflation has significantly eroded workers’ purchasing power, particularly among public sector employees.
According to him, the retirement challenges confronting academics are rooted in poor earnings, noting that a junior lecturer in a mid-ranked United Kingdom university earns more in one week than a senior Nigerian professor earns in an entire month.
“The international salary gap is at the heart of the academic pension crisis. It limits the volume of funds that can be contributed towards retirement, and virtually every downstream pension challenge flows from this reality,” he said.
Igbinakenzua identified the key requirements for effective retirement planning as predictable and adequate income, reliable savings and investment opportunities, a pension system that guarantees prompt remittances and sustainable returns, and improved financial literacy.
He urged academics and other workers to regularly verify their pension contributions, make voluntary contributions, invest in inflation-hedged assets, commercialise their professional expertise and embrace agriculture as an additional source of income.
He described it as ironic that academics who teach economics, finance and public policy often remain financially vulnerable in retirement.
“Ensuring that those who develop the nation’s human capital retire with dignity is not an act of charity but a critical institutional responsibility. The reforms required are achievable within the existing legal framework.
“The best time to plan for retirement is not a few years before leaving service but now, while contributions are accumulating, investments are compounding and there is still room for financial adjustment,” he added.
Earlier, the Vice Chancellor of the University of Benin, Prof. Edoba Omoregie, SAN, represented by the Deputy Vice Chancellor (Administration), Prof. Christopher Osunbor, described the memorial lecture series as one of the university’s flagship platforms for advancing teaching, research and community engagement.
He said the theme was timely in view of the economic realities confronting retirees, including inflation, delayed pension payments and declining purchasing power.
According to him, sound financial planning remains the most effective means of preventing poverty in retirement, maintaining access to healthcare and ensuring independent living without excessive dependence on family members.
Omoregie paid tribute to the late Prof. Akerele, describing him as an accomplished scholar whose contributions to human resource management and management education remain enduring.
He expressed confidence that the lecture would deepen public awareness of retirement planning and contribute to poverty reduction and national economic development.
Chairman of the occasion and President of Mindex Publishing Company Limited, Engr. Ben Anagwonye, said successful retirement planning requires discipline, foresight, prudent investment and long-term commitment.
He called on employers, policymakers and financial institutions to create an enabling environment that guarantees sustainable retirement benefits and protects the welfare of retirees.
Chairperson of the Planning Committee, Prof. Obose Oriazowanlan, said the Faculty of Management Sciences conceived the ICT Hub Initiative to commemorate the memorial lecture series.
She said the facility would strengthen students’ digital competencies, enhance staff capacity development and support the faculty’s vision of producing globally competitive graduates through innovation and technology-driven learning.
The event featured the official unveiling of the ICT Hub and the presentation of awards to distinguished personalities in recognition of their outstanding contributions to education, professional excellence and national development.
