The Ondo State Governor, Lucky Aiyedatiwa, has disclosed that the state is actively exploring opportunities to leverage pension funds for infrastructural development.
The Governor made this known on Tuesday while receiving a delegation from the National Pension Commission led by its Director General, Ms. Omolola Oloworaran, at the Government House in Akure.
The PenCom delegation visited to discuss key pension reforms focused on improving the welfare of retirees and ensuring full compliance with the Contributory Pension Scheme.
Governor Aiyedatiwa, while addressing the delegation, praised the role of pension funds in economic development and lauded PenCom for its proactive stance on stakeholder engagement.
“We are exploring opportunities to leverage pension funds for infrastructural development in Ondo State,” the Governor said.
He further reaffirmed his administration’s dedication to the full implementation of the CPS, noting the state’s recent performance during the last PenCom inspection.
According to him, “The Ondo State Pension Commission (OSPEC) scored 72.44% in state pension compliance during the last Routine Inspection carried out by PenCom.”
He added that the state is determined to raise this score to 95% in the next inspection, in line with the challenge set by the PenCom DG.
On her part, Ms. Oloworaran proposed critical amendments to the Ondo State Pension Law.
These include the introduction of a Minimum Pension Guarantee to support indigent retirees and the adoption of an Irrevocable Standing Payment Order to ensure consistent pension remittances by successive governments.
The PenCom DG also advocated the inclusion of a Pension Compliance Certificate as a mandatory criterion for business licensing, contract awards, and registration renewals in the state a measure she said would boost employer accountability and pension compliance.
Raising concerns flagged during OSPEC’s last routine inspection, Oloworaran urged the state to act swiftly to address them.
In response, Governor Aiyedatiwa assured the delegation of his administration’s commitment to resolving the outstanding issues.
“We promise that most of the concerns raised will be addressed before the next inspection,” he said.
