The Lagos State Government has disbursed retirement bond certificates worth N1,520,223,053.19 to 798 retirees as part of their accrued benefits under the Contributory Pension Scheme (CPS).
The certificates were handed over during the 110th batch Retirement Bond Certificate Presentation ceremony held in Alausa, Ikeja, where hundreds of beneficiaries gathered to receive their entitlements.
Speaking at the event, the Director-General of the Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, said the exercise reflected Governor Babajide Sanwo-Olu’s commitment to ensuring retirees receive their benefits promptly.
“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 CPS,” Obilana stated.
He explained that Lagos operates a pay-as-you-go pension system, which guarantees timely settlement of retirement benefits once documentation is completed.
He added that LASPEC consistently collaborates with Pension Fund Administrators, annuity service providers, and Ministries, Departments, and Agencies (MDAs) to ensure smooth pension processing.
Obilana also urged retirees to make informed decisions about investing and managing their retirement funds.
Some of the beneficiaries, Mrs Funto Olaitan Aina, a retired staff of the Ministry of Environment and Water Resources, and Mr Olayinka Ramoni Alaka, a retired town planner, praised the state government for prompt payment.
“I retired last year, and I am getting my bond certificate just a year after. The payment was prompt. We thank the Lagos State Government for making this a reality,” Aina said.
Alaka, who also retired last year, said he planned to invest part of his benefits in his business. He commended Lagos for sustaining a system that ensures retirees are not stranded.
“From what I have seen in other states, many pensioners are still waiting, but Lagos pays promptly. The process has been seamless,” he added.