By Kelvin Obambon
In a scathing rebuttal to recent fiscal warnings, the association of Nigeria Police Force (NPF) retirees under the Contributory Pension Scheme (CPS) has dismissed claims that exiting the scheme would bankrupt the nation, labeling such assertions as “pernicious propaganda.”
The row follows a statement by Oguche Aguda, CEO of the Pension Fund Operators Association of Nigeria (PenOp), who warned that the Federal Government would require an additional N7 trillion annually if the police were to opt out of the CPS.
In a press release issued on January 21, 2026, and signed by National Coordinator SP Christopher Effiong (Rtd) along with 23 others, the retirees challenged PenOp to substantiate these “porous assertions” with concrete macroeconomic data rather than using the retirement benefits of officers to “form the pillars of the Nigerian economy.”
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The retirees argued that framing the police exit solely as a fiscal burden is misleading. They contended that the cost of national insecurity – including banditry, kidnapping, and terrorism – already far outweighs any potential pension liability.
“Security is not an expense, it is an investment. No economy can thrive without internal stability,” the statement read. “Fiscal sustainability must not be pursued at the expense of the welfare, morale, and operational effectiveness of the Nigeria Police Force.”
The group further highlighted what they termed “policy hypocrisy,” noting that the military, intelligence community, and National Assembly workers have already been exempted from the CPS. They questioned why the police, as the “backbone of internal security,” are being treated as the “sacrificial lamb of pension reform.”
The release took a sharp personal turn against PenOp’s CEO, accusing the organization of reaping where they did not sow. The retirees alleged that pension funds are being used for “dubious and reckless” corporate investments that do not benefit the retirees themselves.
Specifically, the group cited a 2024 presentation by Aguda, claiming over N308 billion was invested in corporate debt securities like MTN Nigeria and Dangote Industries. “The returns on investment never trickled down to the owners of the funds,” the retirees claimed.
Rejecting PenOp’s claim that not all officers wish to leave the scheme, the retirees maintained that there is a “universal position” within the force to exit what they described as an “obnoxious, toxic, and killer” system.
According to the statement, the association is demanding total exit from the Contributory Pension Scheme and the establishment of a Police Pension Board (PPB) to independently manage the gratuity and pensions of retired officers.
“The NPF is a single indivisible security agency and cannot afford to have multiple, discriminatory, and segregatory pension systems within one organization,” the statement concluded.
As the debate intensifies, the retirees have called on the Federal Government to choose between “short-term budget convenience and long-term national security,” warning that history will judge the eventual decision.
