Lagos disburses over ₦1bn Pension benefits to 543 retirees

By Kazeem Ugbodaga

The Lagos State Government on Friday released over ₦1.01 billion as accrued pension rights to about 543 retirees under the Contributory Pension Scheme (CPS), reaffirming its commitment to the welfare and financial security of retired public servants.

The payment was announced at the 113th Retirement Benefit Bond Certificate Presentation Ceremony held at the Adeyemi Bero Auditorium, Alausa, Ikeja, where senior government officials described the exercise as evidence of the state’s consistent approach to pension administration since the CPS was introduced in 2007.

Delivering a goodwill message, the Head of Service, Mr. Olabode Agoro, said the regular settlement of retirement benefits was not merely a policy choice but a pledge the state had continued to honour in recognition of the years of service and sacrifice made by public servants.

Agoro, who was represented by the Permanent Secretary, Public Service Office, Mrs. Olasunkanmi Oyegbola, commended the Director-General of the Lagos State Pension Commission, Mr. Babalola Obilana, and staff of the commission for ensuring timely processing of retirement benefits through sustained sensitisation programmes and documentation seminars.

According to Agoro, accrued pension rights amounting to ₦1,014,835,820.8 were credited into the Retirement Savings Accounts of retirees drawn from the mainstream civil service, local governments and local council development areas, the Lagos State Universal Basic Education Board, the Teaching Service Commission and other state parastatals.

He attributed the steady payment of pensions to the support of Governor Babajide Sanwo-Olu, noting that the administration had consistently prioritised the welfare of retirees.

In his welcome address, Obilana described the ceremony as more than a statutory requirement, explaining that it symbolised formal recognition of service and the tangible fulfilment of government obligations.

He said Lagos State adopted a structured and transparent pension system to eliminate uncertainty and delays, adding that the retirement benefit bonds issued reflected earned rights accumulated over years of service.

Obilana disclosed that ₦1,014,376,497.92 was approved as accrued rights for 543 retirees, stressing that consistency in pension payments was driven by deliberate prioritisation and prudent financial management despite economic pressures.

He added that the commission was strengthening internal controls, reducing processing timelines and deploying technology to improve efficiency and accuracy in pension administration.

The event was attended by senior government officials, pension stakeholders, representatives of Pension Fund Administrators and Annuity Service Providers, and members of the media, as retirees of the 113th batch were congratulated and wished good health and stability in retirement.