Lagos releases ₦1bn Pension Bonds to 463 retirees in fresh payout

By Kazeem Ugbodaga

The Lagos State Government has once again demonstrated its consistency in pension administration with the disbursement of over ₦1 billion in accrued pension rights to 463 retirees from the state’s civil service.

The sum of ₦1,006,057,173.45 was credited into the Retirement Savings Accounts of retirees drawn from the mainstream civil service, Local Governments, Local Council Development Areas (LCDAs), the State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM), and other state parastatals.

Speaking at the 111th Retirement Bond Certificate Presentation Ceremony held at the NECA Auditorium, Alausa, Ikeja, on Monday, the Head of Service, Mr. Bode Agoro, described the event as a testament to the Sanwo-Olu administration’s unwavering commitment to the welfare of workers, both serving and retired.

“Under Governor Babajide Sanwo-Olu’s leadership, Lagos has remained consistent in ensuring the prompt presentation of bond certificates to retirees, leading to the speedy payment of their retirement benefits,” Agoro said, adding that the gesture reflected the huge premium the governor placed on the welfare and well-being of our senior citizens.

Agoro, who was represented by the Director, Post Service, Public Service Office, Mrs. Bukola Durodola, urged the beneficiaries to use their entitlements judiciously, saying that the state government remains deeply invested in the welfare of retirees even after service.

He also commended the Lagos State Pension Commission (LASPEC) for its professionalism and efficiency in ensuring timely documentation and payment of benefits.

In his welcome address, the Director-General of LASPEC, Mr. Babalola Obilana, said Governor Sanwo-Olu’s commitment to regular pension payments has positioned Lagos as a model of effective pension administration in Nigeria.

“Despite the economic challenges faced globally and locally, Lagos State remains one of the few in the federation that consistently fulfils its pension obligations,” Obilana said.

“This feat has been achieved through prudent financial management, fiscal discipline, and the governor’s strong political will to prioritise retirees’ welfare,” he added.

Obilana noted that LASPEC has automated its processes to enhance transparency, accountability, and efficiency.

He also commended the cooperation of Pension Fund Administrators (PFAs), Annuity Service Providers, and relevant government agencies for ensuring smooth implementation of the CPS.

He encouraged retirees to embrace their new phase of life with gratitude and purpose, invest their funds wisely, and maintain healthy lifestyles.