Lagos pays 358 retirees over N1bn entitlements

By Asishana John

The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, has said the state government paid over N1bn to retirees in April.

He disclosed this while delivering a speech at the retirement bond certificates presentation ceremony to the 84th batch of the Contributory Pension Scheme retirees in Lagos.

“In the hall today, we have a total number of 358 retirees whose pension rights of N1.006bn have been credited into the Retirement Savings Accounts,” he said.

He said Lagos State had been consistent with its leadership role in the implementation of the CPS in line with the provisions of the Lagos State Pension Reform Law of March 19, 2007 now amended.

The Director-General commended the state governor for efficient and effective administration of the CPS in the state.

According to him, one of the outcomes is the regular issuance of retirement bond certificates to retirees of the state public service.

He also appreciated the support of the commissioner of establishment, training and pensions, the state-approved Pension Fund Administrators and the efforts of the insurance companies at ensuring that all its retirees had unrestrained access to their pension benefits.

The LASPEC boss urged the retirees to take care of their health, desist from unimportant spending and avoid fraudsters.

He prayed that the retirees would not spend the money on illness after working for decades.

According to him, the event was organised to celebrate the retirees for their contributions to the state.