A total of 544 pensioners of the Lagos State Public Service have received retirement bond certificates valued at N1.01 billion.

This came as the state government reaffirmed its commitment to the welfare of public servants and the sustainability of the state’s pension system.

The Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, stated this at the 113th Retirement Benefit Bond Presentation in Lagos at the weekend.

Obilana described the exercise as more than a statutory requirement, saying it reflected the government’s recognition of its employees’ years of service and its resolve to honour retirement obligations.

“The programme is a formal acknowledgement of your years of service and contribution to the state. It demonstrates the government is committed to ensuring that retirement does not become a period of uncertainty or hardship,” Obilana said.

He said since the adoption of the CPS in Lagos state in 2007, the government has pursued a structured and forward-looking approach to pension administration, deliberately moving away from delays, unpredictability and unsustainable practices that characterised the old system.

According to him, LASPEC’s mandate includes the accurate computation, verification and funding of accrued rights, the timely issuance of retirement benefit bonds and ensuring a seamless transition from active service to retirement for public servants.

“The retirement benefit bonds issued are a direct reflection of accrued rights earned through years of service.

Their issuance underscores a system built on responsibility, consistency, and accountability,” he added.

Obilana explained that a total of N1.015 billion was paid to the 544 retirees, noting that the consistency of the payment reflected careful planning and the firm commitment of the administration of Gov. Babajide Sanwo-Olu to workers’ welfare.