Lagos disburses N1.08bn pension benefits to 648 retirees

The Lagos State Government has disbursed the sum of N1.08 billion in accrued pension rights to 648 retirees across the state’s public service, reaffirming its commitment to the welfare and financial security of former civil servants.

Speaking at the 115th Retirement Benefit Bond Certificate Presentation Ceremony on Friday held at the Adeyemi Bero Auditorium, Alausa, Ikeja, the Head of Service, Mr. Bode Agoro, said said Governor Babajide Sanwo-Olu approved the release of ₦1,081,535,589.42 to retirees drawn from the Mainstream Civil Service, Local Government and Local Council Development Areas (LCDAs), the Lagos State Universal Basic Education Board (LASUBEB), the Teaching Service Commission (TESCOM), and other state government parastatals.

He described the approval as another demonstration of the administration’s commitment to rewarding public servants who had devoted years of meritorious service to the development of Lagos State.

The Head of Service commended the Governor for consistently prioritising the welfare of retirees, noting that the regular funding of pension obligations underscored the state’s determination to honour its commitments.

He also praised the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, and the commission’s staff for their dedication to ensuring the timely processing of retirement benefits.

According to Agoro, LASPEC’s regular sensitisation programmes and retirement documentation seminars have continued to improve pension administration and better prepare officers for life after retirement.

Also speaking at the ceremony, Obilana described the presentation of retirement bond certificates as more than a routine exercise, saying it was a celebration of the dedication, sacrifice and invaluable contributions of retirees to the growth and transformation of Lagos State.

He said the Contributory Pension Scheme had continued to guarantee the financial security of retired public servants, adding that Lagos remained a leading example of efficient, transparent and well-managed pension administration in Nigeria despite prevailing economic challenges.

Obilana disclosed that the 648 retirees receiving bond certificates were entitled to ₦1,081,535,589.42, representing their accrued pension rights for services rendered before the introduction of the Contributory Pension Scheme in 2007.

He attributed the success of the state’s pension administration to the collaborative efforts of LASPEC, Pension Fund Administrators (PFAs), Annuity Service Providers (ASPs), Ministries, Departments and Agencies, as well as other strategic partners working to ensure seamless processing and payment of retirement benefits.

The LASPEC boss said the commission would continue to strengthen stakeholder engagement, promote financial literacy among public servants and embrace innovation to improve service delivery and ensure the pension system remained responsive to emerging realities and global best practices.