Lagos State disburses N1.53bn to 742 retirees

Nike Popoola

The Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, on Thursday disclosed that Lagos paid N1.53bn to Contributory Pension Scheme retirees, when it hosted the 109th Batch Retirement Benefit Bond Certificate Presentation Ceremony to honor 742 retirees of the Lagos State Public Service.

The ceremony, held at NECA House, was attended by dignitaries including the Permanent Secretary of the Public Service Office, Mrs. Olasunkanmi Oyegbola, who represented the Head of Service, Mr. Olabode Agoro, as well as representatives from the Pension Fund Administrators (PFAs), Annuity Service Providers (ASPs), and staff of LASPEC.

In his welcome address, Mr. Obilana expressed deep appreciation for the unwavering commitment and decades of dedicated service rendered by the retirees to the growth and development of Lagos State. He emphasized that the Retirement Benefit Bond Certificates serve as a symbol of gratitude and respect from the State Government, providing access to terminal entitlements and securing the financial future of the retirees.

Highlighting the continued support of the Lagos State Government towards its senior citizens, Mr. Obilana announced that Governor Babajide Sanwo-Olu has approved the disbursement of N1.53bn.

This sum represents accrued pension rights for 742 retirees, covering their service years prior to the implementation of the Contributory Pension Scheme (CPS) in 2007.

Mr. Obilana lauded Governor Sanwo-Olu for his consistent fulfillment of pension obligations and for instituting policies aimed at enhancing the welfare of retirees. He also commended the LASPEC team for their diligent work, which ensured the successful coordination of the ceremony and timely processing of entitlements.

Furthermore, appreciation was extended to the PFAs and ASPs for their ongoing collaboration and support in ensuring the effective implementation of the Contributory Pension Scheme in Lagos State.

As part of the program, retirees were given guidance on how to promptly access their Retirement Savings Accounts, and they were encouraged to reach out to LASPEC for any further assistance.

In his closing remarks, Mr. Obilana congratulated all beneficiaries and advised them to prioritize their health and financial prudence in retirement. He prayed for their long life, good health, and a prosperous retirement.