Lagos presents ₦1.5bn Retirement Bonds to 832 Retirees

By Kazeem Ugbodaga

The Lagos State Government on Tuesday reiterated its commitment to the welfare of workers and retirees as it presented retirement bond certificates worth ₦1.5 billion to 832 public servants who have disengaged from the state’s workforce.

The Director-General of the Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, gave the assurance during the 112th Batch Retirement Bond Presentation Ceremony held at the Adeyemi Bero Auditorium, Alausa, Ikeja.

Obilana described the event as “a deeply significant gathering that celebrates dedication, service, honour and fulfilment”, noting that the retirees had devoted the most productive years of their lives to strengthening governance in Lagos State.

“You have served faithfully, and today the State stands ready to fulfil its promise to you,” he said while congratulating the beneficiaries.

He praised Governor Babajide Sanwo-Olu for what he called “unwavering commitment” to workers’ welfare, stressing that Lagos has remained consistent in meeting its obligations under the Contributory Pension Scheme (CPS).

According to him, “Since the adoption of the Contributory Pension Scheme, Lagos State has consistently met its statutory obligations by remitting both employer and employee pension contributions promptly to the respective Retirement Savings Accounts of its workforce.”

Highlighting reforms in the pension administration system, Obilana explained that digitalisation, continuous record reconciliation and strengthened collaboration with Pension Fund Administrators have improved efficiency and eliminated longstanding bottlenecks.

“The Bond Presentation Ceremony remains central to these reforms. Each ceremony we hold represents another significant milestone, not just numbers on charts but real people whose futures are being safeguarded,” he added.

Obilana noted that Lagos now runs “one of the most efficient and well-managed pension systems in the country”, supported by ongoing training and sensitisation programmes for directors, HR officers and pension desk officers across MDAs.

Speaking on the future of pension management in the state, he said LASPEC would ensure that the system remains adaptable, inclusive and responsive to the economic realities affecting current and future retirees.

Expressing appreciation to Governor Sanwo-Olu, Obilana stated: “Today, Mr Governor will be presenting another set of 832 retirees with their retirement bond certificates worth a total of ₦1,500,000,000, being their past service benefits prior to the commencement of the Contributory Pension Scheme in 2007.”

He also commended stakeholders and LASPEC staff for their dedication, saying, “Thank you for the late nights and the tireless dedication you’ve put into making the Contributory Pension Scheme a success in Lagos State.”