MNN Hub
Governor of Lagos state, Babajide Sanwo-Olu
The retirement bond certificates, totaling N1,520,223,053.19, were officially presented during the 110th Batch Retirement Bond Certificate Presentation Ceremony held in Alausa, Ikeja.
The well-attended event saw hundreds of retired workers gather to receive their certificates in person.
Speaking at the ceremony, the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, highlighted the Sanwo-Olu administration’s dedication to ensuring retirees receive their entitlements promptly.
He noted that Lagos operates a pay-as-you-go pension model, allowing for swift payment once documentation is complete.
“Today’s ceremony is a testament to the commitment of the Lagos State Government towards the well-being and financial security of its workforce. It signifies the fulfilment of obligations under the Contributory Pension Scheme (CPS), ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers,” Obilana said.
He further emphasised that despite various challenges, Lagos has made considerable progress in pension administration.
According to him, LASPEC collaborates closely with Pension Fund Administrators, Annuity Service Providers, and various state agencies to streamline the process for retirees.
Obilana also praised Governor Babajide Sanwo-Olu for his consistent support in maintaining prompt pension payments.
“I want to thank Mr Governor, Babajide Olusola Sanwo-Olu, for his constant support in ensuring the prompt payment of pension obligations. Today, Mr Governor will be presenting another set of 798 retirees with their retirement bond certificates worth a total of N1,520,223,053.19, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007,” he added.
He urged the beneficiaries to use their retirement funds wisely and plan for a financially secure future.
Speaking on behalf of the retirees, Mrs. Funto Olaitan Aina and Mr. Olayinka Ramoni Alaka expressed their deep appreciation to the state government.
They described the bond disbursement as timely and transformative, commending the Sanwo-Olu administration for honoring its commitment to pensioners.
They also encouraged the government to continue improving the pension system to benefit future retirees.
Source: TheWhistler | Read the Full Story…
