THE recent collapse of a 21 storey building in Ikoyi, Lagos, which claimed over 45 lives and left several others injured has brought to question the state of many other structures either still under construction or already completed.

This ugly development has also exposed the relevance of other relevant authorities charged with the responsibility of approving the bills of quantities or architectural designs to meet standard construction requirements.

Unfortunately, in recent times it is becoming a daily occurrence to find such dangerous trend happing in this modern times  across different parts of the country. We have heard of collapsed churches in Rivers State, that of residential houses in Enugu and Anambra all within the same period last year.

Just like that of the Ikoyi tragedy, there were many other reported cases across the country that have claimed so many lives and caused a collateral damage to families, friends, and relatives who in one way or the other became victims of such calamities either due to human carelessness or failure to adhere to simple regulations of construction.

According to the Nigerian instituted of Building (NIOB), recently report, no fewer than 43 buildings under construction collapsed in Nigeria in the year 2019, out of which Lagos State accounts for not less than 17 cases. The rest of the figures occurred in different parts of the country.

However, considering the alarming trend, the Federal, States and Local governments need to work in synergy with professional bodies in order to check mate these embarrassing situation for the country.

There has to be stringent majors on adherence to regulations while a taskforce must be set up in all the states to supervise, monitor compliance of all requirements while failure must be followed by immediate demolition of such structures.

In recent times, there were calls for the enforcement of state building codes and strict enforcement of Builders Liability insurance/Insurance of Buildings under construction this component of the compulsory insurance must be effectively tied to the role of the owner, agents, consultants and even the approval authority in case of any risk or incident that may occur.

Also, Government must ensure that any negligence on the part of these stakeholders is met with severe punishment to serve as a deterrent to others who might want to abuse the building code of ethnics.

The issue of corruption within the regulation agencies has to a large extend contributed to the and manner some people cut corners and use of sub-Standard materials in construction of structures. The question begging for answers is, why is Nigeria with all its professional capability, human and material resources is witnessing a surge in collapse structures?.

Again, why can’t we as a nation learn from places like Dubai where skyscrapers are being constructed on reclaimed lands and even in the middle of the ocean and yet have never witnessed one case of collapse building.

Perhaps, it is time for the Nigerian authorities to get more serious in building its institutions that can enhance effective service delivery and also guarantee lives and property across the country.

Between retirement as asset or liability

By NAOMI  SANTOS

AN asset is a resource with economic value that an individual, corporation owns or control with the expectation that it will provide a future benefit. An asset is a person or tool that produces income that is bigger than what is required to maintain it. And a liability is a person or tool that procures income that is less than the cost of its maintenance. Assets add value and create wealth for the owners or beneficiaries.

Liabilities destroy value and create poverty. When you are an asset, you become a problem solver to yourself, family and community. And you participate in the initiation or elongation of generational wealth. When you are a liability, you are the problem, and you participate in the initiation or elongation of generational poverty.

While it is easy to be an asset during your active career life, the challenges is maintaining your asset status in retirement. Research shows that, 80 percent of working professionals do not retain their asset status in retirement, meaning that more people become liabilities in retirement than assets. Yet being an asset is the only way to maintain your financial dignity, relevance and respect in retirement. Without help the transition from asset to liability is imminent for many and here is why.

Here are three plans that will determine your financial status in retirement; government, employer and you yourself.

The government plan is the pension scheme. You and your employer are a contributor to this scheme. However, this scheme only accounts for about 20 percent of your current income. And for those whose pension accounts for more than 20 percent, your purchasing power is still at risk. Thus, without a plan to augment pension becoming a liability in retirement is almost guaranteed.

The only way to prevent this is to augment pension with additional investments. Yet what most people call investing is building a portfolio of assets that generates more risks, anxiety and stress than passive income or freedom. There will be more investors in retirement who become liabilities than they will be non investors. Not all investments can give you financial freedom and not all investment strategy can produce the size of stable passive income that can sustain you in retirement. Thus, without help you are more likely to invest in ways that make you a liability rather than an asset.

So, what must you do and how can you maintain your asset status in retirement.

You must do three things. First, you must understand what makes you an asset today; second, you must understand what can make you a liability tomorrow; and third you must know what to do to maintain your asset status in retirement.

What makes you an asset today?

You are an asset today because you earn a regular income that is stable, consistent and of the right size for your needs and goals. You are also an asset today because you can meet the needs of other people.

If your income were irregular, you would be an asset today and a liability tomorrow. And if your income were smaller than your goals you would be a liability. Thus, the main reason why you are an asset today is that you earn a stable income that can meet your needs and the needs of other people.

However, this stable, regular and consistent income may disappear at retirement. Before this happens, you have two choices to make.

The first choice is to transition from this disappearing income to passive income that is of equal size, stabile and regular. The big question to ask yourself is this – who would you be at the end of your career? What income would you earn? What quality of life would you maintain? And would you do a better job at paying yourself than your employer or worse? Your answer to those questions and subsequent preparation will determine where you end up in retirement.

Truth be told you need a certain kind of income to have a restful retirement life. This income must exhibit the good qualities of salary and leave the bad qualities behind. And it must also be the same that can maintain your living standard.

What makes you a liability in retirement?

When you decided to offer your time, skill, and energy to serve your employer for 30 years, one of the things you did not decide to do is to end up after 30 years a liability in retirement.

But whether you decide this actively or passively, you are already making that choice today. The problem is you may not know how you are making this choice or how your current life affects your retirement life. So let me do you the favour and show it to your today.

There are only two choices that will affect your retirement life. The first is the choice to live rich life today. The second is the choice to live a better life in retirement. Both choices are opposite of each other, and you can only make one of them.

The truth is you only have 30 years of guaranteed income to plan for the rest of your life. While your income years are fixed to 30 years, your retirement years are not fixed. Your lifespan is retirement may span from 15 years to over 30 years depending on how long your life turns out. Thus, what you do during your 30 years of income earning will determine the quality of the rest of your life.

To enjoy a restful retirement life, you must either be able to enlarge your income or stretch the income you earn to cover for both today and tomorrow. If you spend most of your income living large today, you will enjoy that life only for 30 years, and then it will be over. In retirement you will suffer the consequences of your actions.

For example, if you save less than 25% of your income today, you do not need anyone to tell you where you will end up in retirement. Financial scarcity is the inevitable position for you. The only way to have a restful life in retirement is to save bigger portions of your income – 25% or 50% or 75%.

How to remain an asset in retirement

To be an asset in retirement you must have the same currencies and resources that make you an asset today. There are five resources that make you an asset today. The first is income. Your income is the tool that gives you the ability to meet your needs and the needs of other people. You must retain the same size and quality of income to be an asset in retirement.

The second is your job title or position. You are an asset today because many people see how your job position can help them achieve their goals. To maintain this kind of relevance in retirement you must do meaningful work that attracts other people to you.

The third is your relationships. You are an asset today because you have relationships that can get things done, open doors for you and for other people. To be an asset in retirement you must maintain a rich relationship network.

According to out-gone Managing Editor, Mr. Katdapba Gobum who retired from service after reaching the age of sixty (60) years said that “it is hard to say goodbye,” because of the good relationship he had with his Editorial Board members at the Plateau Publishing Corporation (PPC), Publishers of THE NIGERIA STANDARD Newspapers.

In their respective farewell remarks, the board members eulogized Mr. Gobum for his show of love as they will miss his advice, help, love, teachings and corrections in a hard way in the course of work, which really brought out the best in them, most especially news writing and feature writing. This is good relationship after retirement.

The fourth is productivity. You are an asset today because your time has meaning and there are productive activities tied to your time. To be an asset in retirement you must remain productive and useful.

Talking on productivity, Mr. Gobum was really appreciated by the General Manager of PPC, Dr. Boniface Gwotbit who said that Mr. Gobum was one of the dedicated and productive staff and his duty is a good example for many of us in the corporation, adding ‘that even after retirement, he always comes around to assist in production which all of us have to learn from and wish him success in his future endeavours’.

The fifth is health. You are an asset today because you can pursue your goals without restrain. To remain an asset in retirement you must maintain good health.

The truth is your retirement life is predictable and the only miracle that will happen in retirement is the one you create for yourself today. Failure to recreate the resources that you will use at retirement is the reason why many suffer in retirement.

The big question is, can you really be and remain an asset in retirement – especially in a unsteady economy? Would you be able to seize priceless opportunities in retirement or be restrained by cash?

Would you have the resources and people you need to make things happen in retirement. And would you be able to maintain your asset status not just for 5 or 10 years, but for the rest of your life? The answer is yes.  Credit goes to Grace Agada a financial freedom expert in Nigeria.