Lagos Disburses ₦1.004 Billion to 465 Retirees as Pension Benefits

The Lagos State Government has released ₦1.004 billion to 465 retirees as part of their accrued service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.

Speaking during the 111th Batch Retirement Bond Certificates Presentation Ceremony, the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, said the payment underscores Governor Babajide Sanwo-Olu’s commitment to the welfare of both serving and retired public servants.

Obilana commended the state’s consistency in meeting its pension obligations despite economic challenges, attributing the achievement to prudent financial management, fiscal discipline, and the administration’s political will to prioritise workers’ welfare.

He noted that Lagos continues to set the pace in pension administration through transparency, accountability, and continuous process improvement, including the automation of pension services, stakeholder engagement, and prompt issue resolution.

“Today, Mr. Governor will be presenting another set of 465 retirees with ₦1,004,795,336.16, representing their past service benefits before the CPS began in 2007,” Obilana stated.

He lauded the retirees for their dedication and contribution to the state’s growth, urging them to manage their funds wisely, maintain healthy lifestyles, and embrace retirement as a new and rewarding chapter in their lives.

Obilana also appreciated the cooperation of Pension Fund Administrators (PFAs), Annuity Service Providers, and relevant government agencies for supporting LASPEC’s mission to ensure timely and efficient pension payments.

“Those who have laboured in service of Lagos deserve to retire with dignity, comfort, and financial security. This ceremony reaffirms our promise that their years of service will never be forgotten,” he said.