Lagos disburses ₦1.126bn to 668 Retirees under Pension Scheme

By Kazeem Ugbodaga

The Lagos State Government on Thursday reaffirmed its commitment to retirees’ welfare as it presented retirement bond certificates worth ₦1.126 billion to 668 beneficiaries under the Contributory Pension Scheme (CPS).

Speaking at the 114th Batch Retirement Bond Presentation Ceremony held at the Adeyemi Bero Auditorium, Alausa, Ikeja, the Director-General of the Lagos State Pension Commission, Mr. Babalola Obilana, said the exercise underscored the state’s resolve to ensure financial security for its workforce after service.

Obilana described the ceremony as a significant milestone for the retirees, noting that it marked the successful completion of their years of service and the fulfilment of government’s obligations to them.

He stated that the ₦1,126,050,940.12 released represents accrued pension rights for the retirees prior to the introduction of the CPS in 2007, adding that the beneficiaries form part of the growing number of pensioners receiving their entitlements promptly.

The LASPEC boss maintained that Lagos State’s pension system remains one of the most efficient in the country, attributing this to sustained collaboration with Pension Fund Administrators, Annuity Service Providers, as well as Ministries, Departments and Agencies.

He said despite economic challenges, the state had continued to record steady progress in pension administration, ensuring seamless processing and timely payment of benefits to retirees.

Obilana further disclosed that the commission had intensified training and sensitisation programmes for public servants, particularly directors, administrative officers and pension desk officers, to enhance their understanding of pension processes and improve service delivery.

Looking ahead, he assured that LASPEC would continue to strengthen the pension system to make it more responsive, inclusive and adaptable to changing economic realities, while also deepening financial literacy among retirees.

The Director-General also commended Governor Babajide Sanwo-Olu for his continued support in ensuring the prompt payment of pension obligations.

He congratulated the retirees and urged them to take pride in their contributions to the development of Lagos State, expressing confidence that ongoing reforms would guarantee a more secure future for both current and prospective retirees.