In a strong show of commitment to workers’ welfare, the Lagos State Government has disbursed ₦1.004 billion to 465 retirees as part of their service benefits accrued before the introduction 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 gesture highlights Governor Babajide Sanwo-Olu’s dedication to ensuring a dignified life for retired and serving workers in the state.
Obilana noted that despite current economic challenges, Lagos remains one of the few Nigerian states that consistently meets its pension obligations, a success he attributed to sound financial discipline and strong political will.
“This success reflects fiscal responsibility and the governor’s unwavering focus on the comfort and well-being of our retirees,” Obilana stated. “Those who have served the state deserve to rest in dignity.”
He explained that the Lagos State Government, through LASPEC, has implemented several reforms to enhance transparency and efficiency in pension management. Among these are the automation of pension processes for quicker service delivery, frequent stakeholder engagement for accurate record-keeping, and timely handling of pension-related concerns.
“Today, Mr. Governor will present ₦1,004,795,336.16 to another batch of 465 retirees as settlement for their past service benefits before the Contributory Pension Scheme began in 2007,” Obilana announced.
He praised Governor Sanwo-Olu’s consistent backing of pension payments and his dedication to senior citizens’ welfare. He also appreciated the roles played by Pension Fund Administrators (PFAs), Annuity Service Providers, and various MDAs for their continued cooperation in making the process smooth.
While addressing the retirees, Obilana applauded their years of selfless service to Lagos State and encouraged them to embrace retirement with gratitude and purpose.
“As you begin this new phase, make wise investments, maintain good health, and participate in meaningful activities that bring you joy and fulfilment,” he advised.
