Contributory Pension Scheme: Oyo LGSPB Convenes Stakeholders’ Meeting Ahead of July 2026 Implementation

In a landmark move to secure the financial future of its workforce, the Oyo State Local Government Staff Pension Board has convened a vital stakeholders’ sensitization meeting.

The initiative follows the historic approval granted by the Oyo State Governor, Engr. Seyi Makinde, on May 26, 2026. The scheme is officially slated for implementation in July 2026 upon the completion of ongoing legislative processes.

Addressing the gathering at the Staff Training School, Secretariat, Ibadan, the Board Chairman, Hon. Akeem Ademola Ige, described the Governor’s approval as a significant milestone. He emphasized that the CPS signals a carefully planned transition from the traditional Defined Benefits Pension Scheme.

“The existing pension scheme will continue to operate alongside the new scheme throughout the transition period,” Ige assured.

The implementation will commence with workers employed into the Oyo State civil and public service from January 1, 2025. “This pioneer batch heavily features frontline local government staff, primary school teachers under the State Universal Basic Education Board (SUBEB) and employees of the Oyo State Primary Health Care Board.”

According to Ige, “the Oyo State government has designed CPS in a way to guarantee financial security, stability, and dignity in retirement and to avoid bumps and pitfalls experience by other states.

To ensure strict compliance and world-class service, the National Pension Commission (PenCom) will actively regulate the process.

Furthermore, the state government has cleared five Pension Fund Administrators (PFAs) to manage the enrollees’ portfolios, including: Leadway Pensions
FCMB Pensions (Lead PFA) IBTC Pensions (Lead PFA), and Tangerine Pensions.

“I wish to assure all prospective enrollees that there is absolutely no cause for alarm. The framework being established is robust, transparent and designed to safeguard their future.

I also wish to reassure existing workers and pensioners currently under the Defined Benefits Scheme that they have nothing to fear. The introduction of the Contributory Pension Scheme does not in any way affect their accrued rights of existing benefits. Both schemes shall run concurrently for as long as necessary.” Ige stressed.

Earlier, the Permanent Secretary of the board, TPL Akinwale Olufemi, noted that the forum was designed to provide clarity and answer critical questions and equip participants with the knowledge required to effectively guide and support the prospective enrollees within their respective establishments.

Key dignitaries in their goodwill messages, praising Governor Makinde’s unwavering commitment to workers’ welfare. Among them were Hon. Taiwo Oke (representing the Local Government Service Commission Chairman, Bashorun Akinwale Akinwole), Alhaji Siju Lawal (Special Adviser on Establishment and Training), and Alhaji Bello Gafar (Executive Assistant on Finance and Chairman, Technical Committee on CPS jointly noted that the success of the reform depends heavily on accurate information filtering down to the workers and prospective enrollees.

Today’s meeting convened by the board marks the first phase of an extensive sensitization campaign. The government will take the enlightenment programme to all zones across the 33 local government areas in Oyo State to ensure every worker remains fully informed.

The chairman of the Universal Basic Education, Dr. Nureni Adeniran, represented by Mrs Omolara Adegbenjo
Permanent secretaries in the Ministry of Local Government and Chieftaincy Affairs, Local Government Service Commission, NULGE President Com. Ayobami Adeogun, HLGAs, Director of finances, administrations from the 33 local government areas and representatives from the approved Pension Fund Administrators were among the stakeholders that attended the meeting.