Lagos State pays N1.007 billion to 488 retirees as accrued pension rights

The Lagos State government has said a total sum of N1.007 billion in accrued pension rights has been disbursed to 488 retirees from its public service sector.

The amount was the past service benefits of the retirees prior to the beginning of the Contributory Pension Scheme in 2007.

This was revealed by the Director General, Lagos State Pension Commission, Babalola Obilana, at the 108th Batch Retirement Bond Certificate Presentation Ceremony to the state’s retired public servants in Lagos.

Obilana said that the state government had made significant strides in pension administration over the years in spite of various challenges.

He stated that the ceremony demonstrated the state government’s commitment to the welfare and financial security of its workforce.

He mentioned that LASPEC also plan to expand its outreach efforts, providing retirees with more resources to help them plan for a secured future.
The DG added: “I want to once again extend my heartfelt congratulations to all retirees in the 108th batch.

“I also want to thank Governor Babajide Sanwo-Olu for his constant support in ensuring the prompt payment of pension obligations.

“To my incredible team at LASPEC, thank you for the late nights and the tireless dedication you have put into making the CPS a success in Lagos State.

“I look forward to continuing this journey with you, as we work towards a future where every retiree can look back with pride and forward with confidence.”

Responding, a retiree, Oluwabukola Salako, appreciated Sanwo-Olu for his commitment to prompt payment of pension benefits in the state.

Salako also thanked the LASPEC team, led by Obilana, for the smooth and seamless processes of their pension rights, while praying that God grants the retirees good health and long life to enjoy their entitlements.