No fewer than 732 retirees of the Lagos State Public Service at the weekend received a major financial boost as the Lagos State Government released over N1.1 billion in retirement benefits to them under the Defined Benefit Scheme.

The payment, presented through the Lagos State Pension Commission (LASPEC) at the 116th Retirement Bond Certificate Presentation Ceremony in Lagos, brings to more than 25,700 the number of retirees who have benefited from the state’s pension-related obligations, with cumulative payments exceeding N93 billion.

For the retirees, many of whom spent decades serving the state before exiting the public service, the presentation represented more than the collection of pension documents. It was recognition of years of work and sacrifice and, for some, an opportunity to meet pressing financial responsibilities that followed them into retirement.

Speaking at the ceremony, the Director-General of LASPEC, Babalola Obilana, said the figures represented real people and families whose lives had been strengthened by the fulfilment of the government’s pension obligations.

Obilana said the Lagos State Government remained committed to the welfare of workers and pensioners, adding that the payment was part of efforts to ensure that public servants who had faithfully served the state were not forgotten after retirement.

He said the administration of Governor Babajide Sanwo-Olu, with the support of the Deputy Governor, Dr Kadri Obafemi Hamzat, had continued to prioritise the welfare of pensioners through the consistent fulfilment of pension obligations.

The LASPEC boss stressed that pension administration was fundamentally about people rather than merely processing figures, certificates and payments.

He said the commission was constantly reviewing its processes and strengthening its systems to make pension administration more transparent, timely, efficient and responsive to the needs of retirees.

Obilana added that LASPEC was increasingly deploying technology and digital solutions to improve access to pension services, reduce delays and ensure that retirees could obtain relevant information and their entitlements with minimal stress.

He also disclosed that the commission was strengthening its collaboration with Ministries, Departments and Agencies (MDAs) to ensure that pension-related information was properly captured, processed and managed.

According to him, the objective was to build a pension administration system in which retirees could easily access information, receive appropriate guidance and obtain their benefits with greater confidence.

For one of the beneficiaries, Sunday Adebile, the receipt of the retirement bond certificate was a significant moment after years of service to Lagos State.

Adebile expressed appreciation to the Lagos State Government and LASPEC for the payment, describing the development as a welcome relief and an indication that the contributions of retirees to the development of the state had not been forgotten.

He said the benefit would provide valuable support as he settled into retirement and enabled him to attend to some of his responsibilities after leaving the public service.