798 retirees receive ₦1.52bn pension entitlements in Lagos

By Adeola Ogunrinde –

The Lagos State Government on Monday disbursed a total of ₦1.52 billion to 798 retirees from the state public service. The retirement bond certificates, worth ₦1,520,223,053.19, were presented at the 110th Batch Retirement Bond Certificate Presentation Ceremony held in Alausa, Ikeja.

Speaking at the event, the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, said the gesture reflects Governor Babajide Sanwo-Olu’s commitment to ensuring retirees receive their entitlements without delay. He explained that Lagos operates a pay-as-you-go pension system, enabling prompt settlement once documentation is completed.

Obilana said the ceremony demonstrated the state government’s dedication to the welfare and financial security of its workforce. He noted that despite challenges, Lagos has made significant progress in pension administration, with its Contributory Pension Scheme (CPS) ranked among the most efficient in the country.

He added that LASPEC has worked with stakeholders, including Pension Fund Administrators, Annuity Service Providers, and government agencies, to ensure the smooth processing of entitlements. According to him, this collaborative effort has been central to the timely disbursement of pension benefits.

“I want to thank Mr Governor for his constant support in ensuring prompt payment of pension obligations. Today, another 798 retirees will receive their retirement bond certificates worth ₦1.52 billion, representing their past service benefits prior to the commencement of the CPS in 2007,” Obilana said.

The LASPEC boss stressed that the commission remains steadfast in meeting its obligations and that the 110th batch would join a long list of retirees who have received their benefits promptly. He also urged retirees to plan wisely on how to manage their retirement funds.

Speaking on behalf of the beneficiaries, Mrs. Funto Olaitan Aina and Mr. Olayinka Ramoni Alaka expressed gratitude to the government, describing the bond as timely and life-changing.

They commended Governor Sanwo-Olu for keeping faith with retirees and called on the Lagos State Government to sustain and improve the system for future pensioners.