The Lagos State Government on Monday presented ₦1.004 billion to 465 retirees as their service benefits accrued before the commencement of the Contributory Pension Scheme (CPS) in 2007.

Speaking at the 111th Batch Retirement Bond Certificates Presentation Ceremony, the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, said the gesture reflects Governor Babajide Sanwo-Olu’s unwavering commitment to the welfare of both serving and retired public officers.

Obilana noted that despite prevailing economic challenges locally and globally, Lagos remains one of the few states in the federation that consistently fulfils its pension obligations.

“This feat has been achieved through prudent financial management, fiscal discipline, and the strong political will of the present administration to prioritise the welfare of its retirees,” he said.

He emphasised that the state government recognises the strength of the public service lies in its people — its greatest asset.

“Those who have laboured in service of the state deserve to retire with dignity, comfort, and financial security. That is why we continue to hold ceremonies like this, now in its 111th edition, to celebrate our retirees and reaffirm the state’s promise that their years of service will never be forgotten,” he added.

According to Obilana, LASPEC has entrenched transparency, accountability, and efficiency in pension administration through continuous reforms and process improvements.

They include the automation of pension processes for faster service delivery, regular stakeholder engagement for accurate data management, continuous sensitisation to deepen understanding of the CPS, prompt resolution of pension-related issues, and strengthened collaboration with relevant MDAs to ensure timely processing of retirement documents.

“Today, Mr. Governor will be presenting another set of 465 retirees with the sum of ₦1,004,795,336.16, representing their past service benefits prior to the commencement of the Contributory Pension Scheme in 2007,” he said.

Obilana commended Governor Sanwo-Olu’s consistent support for the regular payment of pension obligations and his commitment to policies that enhance the welfare of senior citizens.

He also expressed appreciation to stakeholders, including the Pension Fund Administrators (PFAs), Annuity Service Providers, and relevant Ministries, Departments, and Agencies, for their cooperation and dedication to excellence, which he said have made it possible for LASPEC to serve retirees effectively.

Obilana lauded the retirees for their years of dedicated service, describing them as vital contributors to the growth and development of Lagos State.

“As you transition into retirement, I encourage you to embrace this new phase of life with gratitude, purpose, and joy. Retirement is not the end of your journey but the beginning of another fulfilling chapter,” he said.

“I urge you to invest your funds wisely, maintain a healthy lifestyle, and engage in activities that bring you satisfaction and meaning.”