Lagos State not only has a knack for throwing up excellent parastatals, it also seems to have perfected the process of getting super-brilliant minds to run these affairs — and it shows.
From my former colleague at BGL Group, Prince Akiotu, who is doing wonders at Lagos State Advertising and Signage Agency (LASAA), through my brother Dr Balogun, who ramped up service at the Lagos State Security Trust Fund (LSSTF), and my brother Hon Joseph at Lagos State Development and Property Corporation (LSDPC) — down to the biggest elephant in the room, Ayodele Subair, whose leadership at the Lagos Internal Revenue Service (LIRS) continues to garner international acclaim — Lagos State continues to blaze the trail in public governance.
It is not all glory though. There are some marked exceptions — like Lagos Building Investment Company (LBIC), whose former Managing Director went through the place like a hurricane, leaving the present management — led by a brilliant ex-Access Bank banker to rebuild the institution fantastically.
The Lagos State Pension Commission is a parastatal set up by the Lagos State Government to, among other responsibilities, manage its huge pension liabilities.
With a Contributory Pension Scheme that has disbursed ₦161.5 billion to 42,381 retirees from 2007 till date, and a Defined Benefit Scheme paying over ₦8 billion annually to about 11,000 pensioners — a number that continues to grow — the Commission is today adjudged one of the best in its space.
This success story must be placed firmly at the doorstep of the Executive Governor of Lagos State, Babajide Sanwo-Olu, who in his usual manner identified two very brilliant investment bankers and gave them the free hand to run the place.
Babalola Obilana, the Director-General of the Commission, comes with over 30 years of experience spanning investment banking and pensions.
I met him while he was at ARM Pensions, and he has always struck me as a man of high integrity and vision.
Muyiwa Oshin, the Executive Director, was a colleague of mine at Magnum Trust Bank.
Muyiwa, while at Magnum, stood out as a young man with strong clarity of purpose.
So, It is to Governor Sanwo-Olu’s full credit that he fished out these two in a sea of piranhas to give such a sensitive and strategic assignment.
We all know the cesspit that pension management has become in this country, despite the elegant pension reforms carried out during the administration of Olusegun Obasanjo.
Across many states, pensioners are still wallowing in the mess — with retirees dying while waiting for pensions that never seem to come.
In Lagos, however, it is a different story.
The Commission has been clearing historical pension backlogs, among several other excellent services — including human capacity development for its employees and stakeholders, which continues to boost productivity and efficiency.
According to a report that I have seen, “the most significant shift appears to be the modernization of the back office.”
A bi-annual digital verification programme is carried out — involving a twice-yearly audit of more than 10,000 pensioners, eliminating ghost pensioners and improving transparency in the system.
No matter how cynical one may be about government, parastatals like the Lagos State Pension Commission would make even the harshest critics sit back and marvel.
Well done, guys.
You will now let the Obedients come and beat me.
Well done.
Duke of Shomolu
Last modified: March 10, 2026
