The Lagos State Government on Monday presented ₦1,004,795,336.16 to 465 retirees as accrued service benefits for their contributions prior to the 2007 Contributory Pension Scheme (CPS).
The ceremony, marking the 111th Batch Retirement Bond Certificates Presentation, was held to honor retirees and reaffirm the state’s commitment to their welfare.
Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission (LASPEC), commended Governor Babajide Sanwo-Olu for his dedication to retirees’ well-being despite economic challenges.
“Lagos remains a leader in meeting pension obligations, thanks to prudent financial management and the governor’s strong political will,” Obilana said, highlighting the state’s focus on ensuring retirees’ dignity and financial security.
Obilana emphasized LASPEC’s reforms, including automated pension processes, stakeholder engagement for accurate data, CPS sensitization, swift issue resolution, and collaboration with Ministries, Departments, and Agencies for timely documentation.
“These efforts ensure transparency, accountability, and efficiency in pension administration,” he noted.
He praised Sanwo-Olu’s consistent support for pension payments and policies enhancing senior citizens’ welfare, while also thanking Pension Fund Administrators, Annuity Service Providers, and relevant agencies for their role in effective service delivery.
Addressing the retirees, Obilana celebrated their contributions to Lagos State’s growth, urging them to embrace retirement with purpose.
“This is not the end but a new chapter. Invest wisely, stay healthy, and pursue fulfilling activities,” he advised.
