Olusegun Adeyemo
The Lagos State Government has presented retirement bond certificates worth ₦1.52 billion to 798 retirees from the state public service, reaffirming its commitment to the welfare of workers after years of service.
The presentation ceremony, held on Monday, marked the 110th batch of beneficiaries under the state’s Contributory Pension Scheme (CPS).
Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, described the event as proof of the government’s unwavering dedication to meeting its pension obligations despite economic challenges.
“This exercise signifies the fulfilment of obligations under the Contributory Pension Scheme, ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers,” Obilana said.
He noted that Lagos has built one of the most effective pension systems in Nigeria through collaboration with Pension Fund Administrators, Annuity Service Providers, and government ministries to guarantee timely disbursement of benefits.
Obilana added that the state has consistently ensured prompt payment of entitlements, a record that sets it apart from many other states.
To further strengthen pension administration, he said LASPEC had introduced training and sensitisation programmes for directors, HR officers, and pension desk officers to improve efficiency and prevent delays. The commission, he noted, was also prioritising financial literacy programmes to help retirees make informed investment decisions in retirement.
The DG praised Governor Babajide Sanwo-Olu for consistently prioritising pension obligations despite competing demands on state resources and commended LASPEC staff for their dedication.
Congratulating the new beneficiaries, Obilana urged them to view retirement as a fresh chapter of opportunities, assuring them that Lagos would continue to innovate and strengthen its pension framework for the future.