Driven by the passion to render quality services, showcase excellence and to create systems that add value to lives, particularly in the area of financial security, retirement and welfare, Babalola Obilana, the Director General of Lagos State Pension Commission (LASPEC), assiduously worked towards his vision, leaving no stone unturned.
His efforts soon yielded fruits, when he introduced creative innovations and technology that enabled pension administration in the state to run seamlessly. With a background in actuarial science and over 28 years experience in the financial sector, the LASPEC boss has maintained a transparent and humane pension system that prioritises the welfare of retirees, making stakeholders to build trust and relay on the commission for their income.
Embracing full digitisation of pension processes, from enrollment and documentation to benefits computation and verification, the number one pension administrator in the state disclosed that the transition has drastically reduced human error, improved accuracy, enhanced data security, and minimised delays in pension processing.
Apart from this, Obilana disclosed that his administration has also adopted a Risk-Based Supervision Model (RBSM) in line with PenCom’s directives, adding that this has enabled the commission to proactively assess compliance and mitigated systemic risks.
Shedding light on some of the services LASPEC is involved in, the Director General said, we have optimised the commission’s stakeholder engagement fora and pre-retirement seminars, ensuring retirees are well-informed and better prepared for life after service, adding that the implementation of pension service week and retiree customer care systems have further helped to humanise service delivery and strengthen public trust in the system.
Equipped with a first degree in actuarial science from the University of Lagos (UNILAG), followed by an MBA from the University of Ife (now ObafemiAwolowo University, OAU), Obilana worked for different reputable financial institutions, including ARM Pension Managers, where he was a pioneer staff and led business development initiatives, and Stanbic IBTC Asset Management, where he served as Executive Director, Business Development and Service, before crossing over to LASPEC.
Consistently focusing on building systems that promote efficiency, growth and service delivery, Obilana’s exposure to senior management strategy at the Lagos Business School further strengthened his leadership approach, he observed. Continuing, he said: “Since my appointment as Director General, Lagos State Pension Commission (LASPEC), my priority has been to consolidate the gains of pension reform in Lagos, improve stakeholder engagement and ensure retirees receive their benefits promptly and without hardship.
“To address persistent challenges and fast-track pension payments, government at all levels must prioritise the following —- to fully and consistently fund pension liabilities through budgetary allocations and dedicated pension funds; to automate and harmonise pension databases across states to improve efficiency and accountability; to clear legislative frameworks at sub-national levels aligned with the PRA 2014 to ensure consistency and protect workers’ benefits.”
Others according to him, include incentivising timely remittances by enforcing penalties for defaulting employers, while encouraging voluntary participation of informal sector workers; to invest pension funds in infrastructure and national development projects under strict regulatory guidelines to foster economic growth without compromising fund safety, stressing that these actions will not only improve the financial wellbeing of pensioners, but also help position pension funds as a vehicle for sustainable national development.
Disclosing that his commission view pension administration not just as a social obligation, but also a strategic pillar for economic stability and growth, he noted that the level of professionalism embedded in pension administration operations in Lagos State is driven by a deep understanding that efficient pension management would boost financial inclusion, ensures fiscal discipline, and provides safety net for retirees.
Our processes, he informed, are guided by transparency, accountability, and compliance with the Lagos State Pension Reform Law and the National Pension Reform Act (2014), as regulated by the National Pension Commission (PenCom), saying at the commission, his officers leverage data-driven tools, robust internal controls, and a performance-based culture to ensure prompt and timely remittance of accrued rights and efficient service delivery. With this, he observed, pension funds become not only a tool for social protection, but also a significant source of long-term capital for economic development and wealth creation.
Highlighting how government can champion the ease of pension payment in the state, the Chief Pension administrator said it is by the continual support to fund accrued rights in a timely and consistent manner to ensure seamless transition for retirees; strengthening the use of technology and mobile platforms to improve accessibility, especially for retirees in remote areas and to promote greater synergy between ministries, departments, and agencies (MDAs) for better data integration and payroll management.
Obilana disclosed that sustained public education and awareness campaigns to demystify pension processes and encourage active engagement, as well as institutionalise policy reforms that accommodate dynamic realities such as minimum wage reviews without destabilising the contributory scheme framework would go a long way to reduced the hitches in pension collection.
Emphasising the importance of continuous improvement on personnel, training and corporate services, impactful innovation, and stakeholder-centric service delivery, he noted that the commission engages all of these, as away of charting a path for itself and remaining a model for effective and sustainable pension administration in the country.
Commenting on his dynamism and leadership style, the LASPEC boss revealed that apart from UNILAG and OAU that laid the groundwork for his analytical thinking and strategic problem-solving techniques, his leadership style has the touch of visionary leaders and corporate mentors, including David Richards of blessed memory; Kehinde Durosinmi Etti; Sola David-Botha, a woman of substance; and his late father, Sir A.Bandele Obilana; saying these great men and lady instilled the values of performance, discipline, integrity, innovation, and excellence in service delivery in him. He stressed, serving under the transformational leadership of the Lagos State Governor, Babajide Olusola Sanwo-Olu, has further strengthened his commitment to meaningful contributions in governance and public administration.
As a reward for his superlative services to humanity and pension administration, the commission in 2021, a lone, received multiple awards from LEADS Africa (for excellence in pension management); the Institute of Corporate Administration (as one of Lagos State’s top 200 corporate administrators); and the Africa Finance (as the Best Public Sector Pension Company).In the same year, the Nigerian Union of Pensioners (NUP) honoured the Lagos State Governor, Babajide Sanwo-Olu, for his commitment to pensioners’ welfare.
Two year after, precisely in 2023, Trust fund Pensions commended the commission for its consistent pension remittances, while he, Obilana, received the Award of Honour and Achievement from the Association of National Accountants of Nigeria (ANAN) for his contributions to the accountancy profession. The Africa Brand Awards in 2024 honoured the commission for customer service and staff welfare excellence, and just this year, 2025, the Lagos State Office of Internal Audit recognised, Obilana, the Director General of LASPEC, for his outstanding professional support.
Over the years, the National Pension Commission (PENCOM), the parent body of all pension commissions in the country has recognised LASPEC as a frontrunner in the pension industry. These recognitions affirm LASPEC’s status as a leading, compliant and people-centered pension institution.
Commenting on the various recognitions and awards, the ardent leader said: ” Award-winning leadership is built on a strong foundation of integrity, consistency and service. Leaders must prioritise transparency and accountability in their actions while remaining focused on delivering real value to the people they serve.”
According to him, developing exceptional leaders requires deliberate investment in personal and professional growth, as well as continuous learning, mentorship and exposure to best practice.
With Excellent Services, BabalolaObilana Takes LASPEC Higher, Ups Ante In Pension Administration Obilana tasked the nation’s institutions both at the federal and state levels to promote a culture of merit, where competence and performance are rewarded above all else, adding that effective leaders must be able to communicate a clear vision, inspire their teams and lead by example.
As a way of motivating team members, he observed that celebrating achievements, no matter how small could help to reinforce a culture of excellence, noting that through consistent, value-driven leadership more individuals will rise to national and international recognition.
