Lagos Disburses ₦1.52bn Pension Bonds to 798 Retirees

The Lagos State Government has released retirement bond certificates valued at ₦1.52 billion to 798 retirees from the state’s public service.

The presentation, held on Monday, represents the 110th batch of beneficiaries under the Contributory Pension Scheme (CPS).

Speaking at the event, the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the gesture reflects the state’s commitment to safeguarding the welfare of its workers even after service.

“This exercise signifies the fulfilment of our obligations under the Contributory Pension Scheme, ensuring our retirees receive the benefits they diligently worked for throughout their careers,” Obilana stated.

He noted that Lagos has consistently distinguished itself with a reliable pension administration system, despite economic pressures faced nationwide. According to him, LASPEC has worked in close collaboration with Pension Fund Administrators, annuity providers, and government agencies to ensure prompt and seamless payments.

Obilana added that the Commission is intensifying training for human resources officers and pension desk officers to prevent delays in processing benefits. Beyond this, LASPEC has also launched financial literacy programmes to guide retirees in making informed post-service investment decisions.

He praised Governor Babajide Sanwo-Olu for prioritising pension obligations amid competing fiscal needs and lauded LASPEC staff for their dedication.

Congratulating the beneficiaries, Obilana encouraged them to view retirement as “a new chapter of opportunities” and assured them that Lagos will continue to refine its pension framework to meet present and future challenges.