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How To Start A Solid Retirement Plan In Nigeria

Retirement plan in Nigeria

What if there’s a better retirement plan than your pension fund? How do you see a retirement plan that can guarantee 300% returns for you in every 16 months? Imagine how much your current monthly salary deduction paid into your pension fund can return to you in every 16 months.

Let’s even do the maths. If your monthly pension deduction from your salary is N100,000. That’s about $200 in today’s exchange rate. How Much returns do you get from your current pension fund?

I did a pension calculation on Leadway Pensure, and here’s what I got. It asked me how much I want as my monthly pension when I retire, and for how many years I want it paid? Plus how many years I still have left to retire, and how much interest rate I want on my pension fund?

I picked the following: N50,000 as my monthly pension salary after retirement. I said, I have only 2 years left to work. That I want 15% interest rate, and I want to collect the pension for 10 years. Here’s what the result gave me. That I would need to have a retirement saving account (RSA) balance of N2,780,225.16 from a monthly contribution of N100,050.98 for the next 2 years before my retirement.

Just do the calculation. I would have paid N2,401,223.52 in 2 years to my pension fund managers. It’s from this money they will now pay me N50,000 monthly, after they have invested it, for the next 10 years. I’m only reaping from the profit they earned from investing my money. And I will only get N600,000 in one year and total of N6,000,000 from them in 10 years after my retirement.

What happens after that 10 years? That’s for me to figure out, right? That is what many pensioners are going through already. And some are still planning to go through it also. Please, I beg of you, don’t go through it too.

Collapse Of Pension Funds In Nigeria

No matter how juicy your pension fund managers talk about their retirement plan for you, it can never be the best deal for you. What they are actually doing is a retirement plan for their owners. The best retirement plan is the one you can control and plan for yourself.

Don’t forget that in a system like Nigeria, the pension fund has always been a major source of corruption. It has never worked, because the pension fund in Nigeria has collapsed long ago. Those currently managing it knows that, and has since been stealing from it. Even the government steals from it from time to time, and calls it loan.

When you will realize what has happened will be when it’s time to pay up. That’s for civil servants. However, for the private sector workers, it’s even not the best deal they are getting. You can see the calculation Leadway Pensure gave me. With that you can’t get anything better to live on when you retire.

Nigerian Total Working Population

One of the problems with retirement plan is the number of people who maybe retiring, the current number of retirees and the available resources to cater for them. Nigeria has a large workforce with no adequate plan for their retirement.

According to Proshare Nigeria, the site lamented that out of the total workforce of 69,470,091 in Nigeria, only 7,348,028 workers has a retirement savings account (RSA) with any pension fund manager. It’s even an old report of quarter 4 of 2016. That’s just 10.8% of the total workforce. At the current date, the figures might even be worse.

If you think it’s because Nigerian workers don’t like to plan for their future, then you lied. Nigerians like to plan even for the dead. That’s why government officials are stealing state funds. They are planning for their future and their children with stolen funds.

But legitimately, Nigerians would use pension funds if actually it guarantees a good deal for them. Hence the reason for the boycott, because it doesn’t offer any retirement plan when you are tired. But I have something that will surprise you. It’s better, it’s cheaper to start, and it’s in dollars, so you won’t have to worry about naira devaluation and inflation. I will soon come to that.

Different Types Of Retirement Plan

The best way to understand retirement plan is to see it as a savings account where you put aside some monies you earn monthly for use when you retirement from employment. So, I decided to take a look at some of the retirement accounts available. Some of them are not applicable in Nigeria, but it’s good you know what’s out there too.

  • IRA (Individual Retirement Arrangement)
  • SEP (Simplified Employee Pension)
  • PSP (Profit Sharing Plans)
  • DBP (Defined Benefit Plan)
  • 401(k) Plans
  • Roth IRAs

You can take sometime and read up all about these different pension plans on Bankrate website. But let me just talk about one only. The PSP (Profit Sharing Plans). You will love this one, as much as I do.

Profit Sharing Plans (PSP)

Imagine if your current employer is sharing profit with you. How much do you think you would be getting monthly? Just imagine. I don’t expect you to know exactly how much. But its surely way big, right? That’s the point. But they won’t like to share, rather they want to suffer you by deducting from your present salary in the guise of planning a future for you. Bullshit!

But think about it. A profit sharing plan will make you more money and you won’t have to be planning for retirement. In fact, you shouldn’t be planning for retirement. You should be planning on sharing profits with big and existing multinational companies.

I know you want to ask me, how?

What Is Your Retirement Plan?

Let me even ask you what you have been planning for your retirement. If you don’t have a better retirement plan, now is the time to make a quick adjustment. You cant just leave everything to chance. I might even shock you with some of the ways people are knowingly or unknowingly planning for their retirement.

  • Some invest in stocks
  • Some buy or build properties
  • Some invest it in different businesses
  • Some even invest it in their children
  • While some ignorantly put it in the banks or pension funds

You see all these retirement plans, they may not protect you when you are tired. Even the children you gave birth to may not care for you. The stockmarket can crash, like it did in 2017 and many pensioners lost heavily. All their life savings gone in one stock market crash.

You might think building properties are better, but the question is, how do you earn from your properties? Mostly through rentals. But how much is rentage fee in Nigeria? Even if you get N600,000 per annum for 3 bedroom flat, which is better than your pension fund, how many flats would you build from your salary?

You can’t plan with that, unless you just want a hand-to-mouth kind of life when you should be enjoying life in your retirement.

This Should Be Your Retirement Plan

If you understood the Profit Sharing Plan (PSP), that’s what I want your retirement plan to follow. Think of how you can share profit with a multinational company.

Let me give you a blueprint on how to plan your retirement with a PSP. If you are currently working, you stand a better chance to use this blueprint better. Even if you are not presently employed, or you are self employed, you too can use this blueprint.

The first point to note is that it’s cheaper to start. And that you can start with as low as $100. That amount would guarantee you 10% returns on a monthly basis. If you work it around your monthly pension deduction, some of you pay more than $100 monthly.

That means if you plan to retire in 2 years, you would have saved $2,400 with a compounding interest of 0.45% daily or 10% monthly. In 16 months lifespan for each of the $100, you would have a return of About 300%.

Let me even say that you can only invest $100, because you have so much bills to pay monthly and can’t afford to be deducting $100 monthly. In 6 years on a compounding interest of 0.45% daily, see what I calculated for you using TheCalculatSite: $80,252.67 total interest will be earned in the period.

You are rich on retirement if you do this now. Think about how many more years you still have in active service before your retirement. Think about how much a $100 can become for you in the next 5 years and 7 months to be precise. $80,252.67 is equivalent of N40,126,335. And you can still invest even after you have retired rich.

Compare that with your pension fund of N6,000,000 in 10 years from a contribution of over N2.4 million of your salary in 2 years deduction. If you can invest $500 or even $5,000, think of what the returns would be in the same period. Some of you can afford to do up to $25,000. And that’s a return of $75,000 in just 16 months. While $50,000 would give you $150,000 in 16 months.

How This Retirement Plan Works

I have already told you. It’s a profit sharing plan. I have found this comoany for you in the U.K. (United Kingdom), with global presence in over 100 countries including Nigeria. This company is willing to share their profit with you.

Here’s how it works. They have several investment packages, from $100 to $50,000. And they pay returns from the profit they generate. You get 0.45% daily or 10% monthly on a compounding interest.

You role here is just to invest the amount you wish. The company will give you an online portal where you can monitor your investment, make withdrawals when you want or upgrade your investment package at any time.

What You Should Do Now

Get more information on this. You shouldn’t just take my world for it. Even though I have painted this as the best retirement plan for you, find out more for yourself. Moreover, somebody has to introduce as your referral or sponsor to the company. That’s how it works.

So, you will need a referral or sponsor. The sponsor will also help educate you more, and guide you throughout your investment period.

For example, if I’m your sponsor, my responsibility includes helping you to get more information, ensure you get adequate training on how to invest wisely and better usage of the portal. I should also be standby for you whenever you need guidance pr have questions on anything regarding the investment. You sponsor can also guide you on how much you should start with.

After you have invested for your own retirement plan, and started earning returns, then you can help sponsor others,like your colleagues in the office.

What To Do About Your Colleagues

Don’t plan for yourself alone. Help others to also discover this retirement plan. Your colleagues should be the first to know after you starts seeing returns from your own investment.

However, don’t rush immediately to tell them. Wait till after few weeks, like 2 or 3 weeks. It’s enough time to start seeing some revenue trickling into your account. You need some proof to show them. And because it’s in dollars it will be more convincing.

Remember, you will also earn up to 10% for sponsoring your colleagues. Yes the company pays for referrals, it’s one time, and it’s based on the initial amount the person invested.

Not just your colleague, including your friends. Target when salary is usually paid so they won’t say there’s no money. Remember, you are helping them make a better decision about their own retirement.


There’s no better retirement plan than a proper investment. But as a civil servant or private sector worker, you are limited to mostly pension fund, which is deducted from your salary.

There’s no guarantee on that, as long as Nigerian government are the ones controlling it. Even the private sector led pension managers, the kind of pension you get are not inspiring.

That’s why you need to plan something else for yourself. If you in an organization where pension deduction is actually done from source, you may not be able to shop it. But that shouldn’t stop you from planning your retirement better. I have shown you that with just $100 you can generate a better investment plan in less than 6 years, of over $80,000 in returns.

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7 Tips On Getting Dubai Driving Jobs

Do you think a monthly salary of N400,000 and above is what you need now? Then applying for dubai driving jobs best suit you. And here are 7 tips that will help you get Dubai driving jobs? It’s even so easy than you might think.


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The requirements to get a driving job in dubai or any other UAE city is not difficult. What many really don’t know is the right way to go about it. You need to know how UAE government approves employment for driving job in the country.

UAE taxi companies employs workers from third world countries, and that includes Nigeria. So, most of their job employment interviews actually happens outside of the UAE. You may not be able to get a job if you first travel to the UAE to look for the job. Because the companies in UAE are employing people who are not UAE citizens.

The population of UAE is 9.68 million. And out of this figure, India and Pakistan makes up the highest number of people in UAE. The actual UAE indigenous people are merely above 1 million people. This over 1 million people hardly work, because they get everything they need from their government, which happens to be very wealthy.

So, most of the work in UAE are done by foreigners. Even the businesses and the organizations are owned and operated by mostly foreigners or the government of UAE. That’s why the employment interviews are often outside of the UAE.

Also, Dubai employments are handled by approved agents. Companies in UAE don’t employ directly from the countries labour market, since the actual people of UAE don’t look for job. These companies go outside of the country to hire their workers. That’s why you shouldn’t be deceived by those who are promising you a job in dubai when you get there. You should rather get the job right from your country before you travel to the UAE.

List Of Taxi Companies In UAE

This list is not exhaustive. There are many taxi companies in the UAE. But these are some of the most popular ones. Also they cut across the 7 different cities in UAE. That means different taxi companies operate in different cities. So, depending on which company you got employed will determine the city in UAE you will be working.

  • Arabia Taxi
  • Metro Taxi
  • Cars Taxi
  • City taxi
  • Arabia Taxi
  • National Taxi
  • Emirates Taxi
  • Union Taxi
  • Al Ghazal
  • Tawasul
  • AL Arabia Taxi

Also, the different taxi companies pay differently. Taxi salaries in UAE is usually in percentage commission. You actually earn as you work. That means you will be paid a percentage of whatever amount you generate for the company in each month as commission.

Like, if you generate N1,000,000 equivalent for the company, depending on their percentage commission, you will get paid from that amount. If the commission is 25 percent of amount generated, then 25% of N1,000,000 will be N250,000 commission for that month will be paid to you.

That’s not all, as a driver, you are entitled to a basic salary from your employer, which is different from your earned percentage commission. Some pay as much as N100,000 as basic salary. So, your basic salary plus your commission is what forms your salary. And thats what determines your monthly take home for each of the month.

READ ALSO:  How To Work In Dubai: Get Paid 600k Monthly 

Dubai Driving Jobs Requirement

Okay, let me clarify it for you. If you want to apply for Dubai driving jobs, you must follow this process. For those who are being deceived into thinking that you can get a driving job when you get to Dubai, that’s not true. Don’t let them mislead you or may even defraud you.

Dubai employment visa is not the same as tourist or visiting visa. All these different visas has their purpose and duration. While tourist and visiting visas can be from 2 weeks to as much as 90 days, employment visa is a minimum of 3 years and is also renewable as long as you are still working with the company.

These companies work with agents that helps them attract prospective employers for them. Initially, these companies hardly conduct interviews before employing people. But since their new restrictions they now conduct interviews to pick those they employ. So, before you even start paying someone for Dubai driving jobs visa you should ensure you participated in an employment interview conducted by the management staff rom the prospecting companies from UAE.

For the Dubai driving job, here are the basic requirements you need to know before applying for this opportunity.

{1} Know The Age Restriction?

The first thing that may disqualifies you from dubai driving job is the age restriction. The driving job is not open to just anyone. You must fall within a certain age bracket to be eligible. And this probably goes for every employment opportunity in the UAE. Knowing the age restriction is important.

Here the maximum age limit is 45 years. So, anything from this age and below is eligible to apply for Dubai driving job. They want to avoid employing people who are too old to do the work. Most especially, those who may not give them a longer service term due to their aging.

However, there’s no better ways for them to determine your age. They only resort to the age declared in your travel document like the international passport and drivers licence.

{2} You Need O’Level Certificate

You also need to have minimum educational level like an o’level certificate. At least you should have finished secondary school and obtain your ordinary level certificate. The main idea here is to prove to them that you can read and write. They are not really employing you because of the o’level certificate. They don’t need your certificate to employ you. They just want a proof that you can read and write.

Imagine if you can read and write but you don’t have the o’level certificate? There will be no way to prove it without a certificate. The agencies processing your employment don’t really need it to employ you. But they need to know you have been to a school, since you will also be attending their driving school there to obtain the UAE driver’s licence that qualifies you to drive in the country.

Now, if you can read and write but have no certificate, talk to your agent about it. They can help work it out. They will let you know what needs to be done. But if you can sit for WAEC or GCE exams, then do so.

{3} You Need International Passport

An international travel document like the passport is a major requirement. You can’t travel to any country without it to prove your identity. So, you will need Nigerian international traveling passport. That’s the documents the visa will be inside in. Without a passport document no country embassy will issue you visa.

This travel document is issued in Nigeria by the Immigrations. You can find their offices nationwide. That’s in every state capital in the country. The actual cost of obtaining the Nigerian international passport may contradict the officially approved rates. Although, there’s an official passport issuing rate approved by government. The eventual cost of obtaining it is usually higher.

The passport issuing rates varies according to number of the Pages of the passport. For example, the least is the 32 pages passport, with a validity of 5 years, which goes for N25,000. Which is the regular passport size and fee. The other rates are for the 64 pages passport, which has dual validity of 5 and 10 respectively. The 5 years copy is officially issued at the rate of N35,000, while the 10 years validity cost N70,000.

{4} Have Your Driver’s License

Most importantly, for your Dubai driving job requirement is your driver’s licence. This is actually the document that your potential employers are considering more than the rest. Since you are applying for a driving job, they need a proof that you actually drive.

So, having a drivers licence is your proof that you know how to drive or that you have been working as a driver or driving for a while. But they need people with at least 2 years experience. That means they will be looking out for drivers licence that’s up to 2 years of registration.

A fresh drivers licence may not be a good idea. If that’s what you have still discuss it with your agent, he or she will know what to do. But if you recently renewed your old drivers licence, then attach a copy of the old one to show you have more than the required driving experience. That’s a plus for you.

What if you don’t have a drivers licence? That can also be handled. That’s where you will need the services of your employment agent. Since you know how to drive, they will tell you what to do in this regard.

{5} Show Proof Of Medical Tests

This medical test is important and I will explain why. UAE can only deny your employment visa on health ground if the health issue is among the following :

  1. HIV
  2. Tuberculosis
  3. Hepatitis

Any other health issue won’t make them deny you visa. So, it’s advisable that you ensure you don’t have any of this health challenge. And it’s even important you realize this earlier. So, if you are apply for dubai driving job make sure you have done this medical test. It must be done in a federal medical centre.

This first medical test you will go and do it yourself and give the result to your agent. But the UAE embassy will do another test on you before they finally issue you the visa. While you need to do the first one is to be sure you don’t have any of the mentioned diseases. That would stop you from wasting your money and later be denied visa.

{6} Practical Driving Test

On the day of the interview, you will undergo two interview sessions. One will be oral interview, where they would ask you a few questions about driving. If you have a good agent, you should be properly briefed about the process and likely questions and answers. This one you should pass easily.

But the second interview session is the practical driving test. Although this is usually not mandatory for most of the hiring taxi companies, but some of them insist on test driving you before they qualify you. So, your ability to drive is very critical to passing most of the dubai driving job interviews.

Imagine you don’t even know how to drive, or you are not familiar with driving automatic cars, because you are only used to driving manual cars, you will need to practice with automatic car before the interview date. This practical test doesn’t take more than 5 minutes but you must show experience in kickstarting a vehicle, selecting gear, moving a vehicle and reversing.

However, your ability to drive is only helpful at this stage. You will be required to attend a mandatory driving school in UAE before you can be issued with driver’s licence and be allowed to drive in that country. But while you are learning to drive in Dubai, the company that hired you will be paying you basic salary to cover for your feeding and possibly sending some home for your family.

READ THIS: How To Travel To UAEwith Dubai Employment Visa

{7} Driving Job Visa Cost Analysis

Now let’s deal with the honest truth about getting a driving job in dubai or any other city in the UAE. The reason most people don’t qualify to get this driving job is primarily due to the cost of getting the visas. The requirements are not difficult and the interviews are so simple.

But the cost is not cheap. You know that the companies use employment agents, and that means agency fees are inclusive in whatever cost you are paying. Already, the cost of securing employment visa from UAE is not cheap at all. When you add the agency fees, and other cost you will incur in the whole process and your flight ticket, you would have spent around N1.2 million.

So you have to prepare financially. And don’t fall victim of those trying to sell you cheap visa for employment. Some people have been sent to Dubai on the pretense that they would get them job when they get there. Those are fraudulent schemes. Don’t fall for it. To work in Dubai or in any UAE city or company you must get your employment letter and visa here before you travel. And your visa will also have the name of the comoany that employed you. That’s what makes it authentic.


If you have decided to apply for Dubai driving jobs, let me refresh your mind on the things that could stop you. The first one is money. The cost of processing the employment visa is not cheap. It discourages a lot of people. But you can recoup this cost in 2 to 3 months when you start working. The second one is your medical health. If you have any of the 3 diseases I mentioned earlier you will not be allowed into UAE.

Most importantly, it’s possible to get a driving job in Dubai, and it pays well. If you think a monthly salary of N400,000 and above is good for you then a Dubai driving job is what you need.



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