The Lagos State Government presented retirement bond certificates worth ₦1.52 billion to 798 public service retirees, underscoring its dedication to supporting workers post-retirement.
The bond certificate ceremony on Monday marked the 110th batch of beneficiaries under the state’s Contributory Pension Scheme.
The disbursement is part of a broader, long-term commitment to ensuring the financial security of public servants after their years of service.
Director General of the Lagos State Pension Commission, Babalola Obilana, described the event as a testament to the government’s unwavering commitment to fulfilling its pension obligations.
He emphasised that the initiative ensures retirees receive their well-earned benefits, reflecting Lagos’ consistent and reliable pension administration.
According to him, the exercise “signifies the fulfilment of obligations under the Contributory Pension Scheme, ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers.”
One of the beneficiaries is being presented bond certificate
Obilana noted that Lagos has built one of the most effective pension systems in Nigeria, despite economic challenges.
He stressed that LASPEC has worked closely with Pension Fund Administrators, Annuity Service Providers, and government ministries to ensure seamless processing of benefits.
The DG explained that the Commission has consistently ensured prompt payments, a record that has distinguished Lagos from many other states.
The 110th batch, he said, joined a long list of retirees who received their entitlements without delay, thereby reinforcing trust in the CPS.
To further strengthen pension administration, he said LASPEC has introduced training and sensitisation programmes targeted at directors, human resources officers, and pension desk officers across the service.
Obilana said these initiatives were designed to equip officers with practical skills to handle pension matters efficiently and prevent unnecessary delays in the future.
Beyond administration, he stated that the Commission is also focusing on financial literacy for retirees to help them make informed decisions about their post-service investments.
Obilana explained that LASPEC intended to broaden its outreach efforts, providing retirees with advisory support and resources to plan better for long-term security.
The DG praised Governor Babajide Sanwo-Olu for prioritising pension obligations despite competing demands on state resources.
He also commended LASPEC staff for their tireless efforts, describing their dedication as the backbone of the Commission’s achievements.
He congratulated the beneficiaries of the 110th batch, urging them to see their retirement as a new chapter of opportunities, reassuring them that Lagos State would continue to innovate and adapt its pension framework to meet both present and future needs.
