An underwriting firm, Lasaco Assurance Plc, in collaboration with the Lagos State Government and a consortium of underwriters and brokers, have disbursed N978.62 million life insurance benefits to 510 families of deceased public servants under the current administration in the state.

Speaking at the presentation of cheques to the beneficiaries, the State Commissioner for Finance, Abayomi Oluyomi, expressed the state’s commitment to safeguarding the welfare of its workforce even after death, especially those, who offer much-needed financial relief to grieving households.

Oluyomi identified some of the delays in previous payments.

However, he promised the public servants that a second disbursement phase would follow within three months.

According to him, Lagos public servants, whether active or retired, are covered under the state’s robust insurance scheme, urging beneficiaries to spend prudently their money as the cash is not free at all, but it is a lifeline.

The commissioner commended the current administration for prioritising employee welfare, revealing that over N3 billion has been paid in insurance premiums this year alone to cover government workers and assets.

Also, the Permanent Secretary, Ministry of Finance, Mahmud Alao, stressed the need for financial responsibility, warning beneficiaries against wasteful expenditure that could erode the value of the support.

The Chairman, House Committee on Finance, Femi Saheed, stressed the role of legislative oversight in ensuring compliance with insurance obligations.

Saheed advised civil servants across the state to consider personal insurance as an added layer of protection at their workplace.

Also peaking at the event, the Managing Director of LASACO Assurance Plc, Rasaq Abiodun, commended the state for its consistency in premium payment and called on beneficiaries to invest wisely.

Abiodun also underscored the state’s commitment to supporting the families of those who dedicated their lives to public service.