LASG pays N1.126bn retirement bonds to 668 retirees

The Lagos State Government on Thursday presented retirement bond certificates worth N1.126bn to 668 retirees under the Contributory Pension Scheme, reaffirming its commitment to the welfare of its workforce after service.

At the 114th Batch Retirement Bond Presentation Ceremony held at the Adeyemi Bero Auditorium, Alausa, Ikeja, the Director-General of the Lagos State Pension Commission, Babalola Obilana, said the exercise reflected the state’s resolve to ensure financial security for retirees.

“This ceremony is a significant milestone for our retirees. It marks the successful completion of their years of service and the fulfilment of the government’s obligations to them,” Obilana said.

He disclosed that the sum of N1,126,050,940.12 released represents accrued pension rights for the beneficiaries before the introduction of the Contributory Pension Scheme in 2007.

“The amount released today covers accrued rights for these retirees prior to the CPS era, and it forms part of our ongoing commitment to ensure that pensioners receive their entitlements promptly,” he added.

Obilana maintained that Lagos operates one of the most efficient pension systems in the country, attributing the progress to sustained collaboration with Pension Fund Administrators, annuity service providers and various Ministries, Departments and Agencies.

“Despite prevailing economic challenges, Lagos State has continued to record steady progress in pension administration, ensuring seamless processing and timely payment of benefits,” he said.

He noted that the commission intensified capacity-building initiatives aimed at improving service delivery within the pension system.

“We have strengthened training and sensitisation programmes for directors, administrative officers and pension desk officers to deepen their understanding of pension processes and enhance efficiency,” he stated.

Looking ahead, the LASPEC boss assured that the commission would continue to reform and strengthen the pension framework.

“We remain committed to building a system that is more responsive, inclusive and adaptable to changing economic realities, while also promoting financial literacy among retirees,” he said.

Obilana also commended Governor Babajide Sanwo-Olu for his continued support in meeting pension obligations.

He congratulated the beneficiaries, urging them to take pride in their contributions to the development of the state.

“You have all served Lagos State diligently. As you transition into retirement, we are confident that the reforms in place will guarantee a more secure future for both current and prospective retirees,” he said.