Over 798 retirees of the Lagos State Public Service have received retirement bond certificates valued at N1.52 billion, as the state government continues to strengthen its Contributory Pension Scheme (CPS) and reaffirm its commitment to workers’ post-service welfare.

Speaking at the 110th Retirement Bond Certificate Presentation Ceremony in Lagos yesterday, the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the event marked another milestone in the state’s pension administration journey. He explained that the bond certificates represented the retirees’ accrued rights for service years before the commencement of the CPS in 2007.

“Today’s ceremony is a testament to the commitment of the Lagos State Government towards the financial security of its retirees.
Obilana said this signifies the fulfillment of obligations under the Contributory Pension Scheme.

The LASPEC boss lauded Governor Babajide Sanwo-Olu for his unwavering support in ensuring pension obligations are met promptly, noting that Lagos has consistently led the way in implementing an efficient and well-managed pension system despite economic challenges.

He added that the commission has remained steadfast in working with Pension Fund Administrators (PFAs), Annuity Service Providers, and other stakeholders to ensure the timely processing and payment of entitlements.

“The 110th Batch will join a long list of retirees who have received their benefits promptly, as part of our commitment to uphold the promise of financial security to public servants,” he stated.

Obilana also highlighted LASPEC’s ongoing training and sensitisation programmes targeted at pension desk officers and senior civil servants, aimed at strengthening knowledge of pension processes and preventing payment delays.

Looking ahead, he assured that LASPEC would continue to adapt the pension system to current economic realities, improve financial literacy among retirees, and explore innovative solutions to broaden retirement savings and safeguard livelihoods.

He congratulated the latest batch of retirees, urging them to look back with pride on their years of service and forward with confidence, knowing that the state has secured their future.