The Lagos State Government has released ₦1.52 billion in retirement bond certificates to 798 retirees from the state’s civil service under the Contributory Pension Scheme (CPS).
The certificates were presented on Monday during the 110th Batch Retirement Bond Certificate Presentation Ceremony held in Alausa, Ikeja.
In a statement, Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission (LASPEC), said the exercise demonstrated Governor Babajide Sanwo-Olu’s consistent commitment to the welfare of pensioners.
“Today’s ceremony is a testament to the commitment of the Lagos State Government to the well-being and financial security of its workforce. It signifies the fulfilment of obligations under the Contributory Pension Scheme, ensuring retirees receive the benefits they worked hard for throughout their careers,” Obilana said.
He explained that Lagos operates a pay-as-you-go pension system, which allows for prompt settlement of entitlements once documentation is completed.
Obilana also acknowledged the contributions of Pension Fund Administrators, Annuity Service Providers, ministries, departments, agencies, and other stakeholders in maintaining an efficient pension structure.
He advised retirees to manage their funds prudently while commending Governor Sanwo-Olu for consistently prioritising pension obligations.
Speaking on behalf of the beneficiaries, Mrs. Funto Aina and Mr. Olayinka Alaka expressed gratitude to the state government for its dedication to pensioners’ welfare.
