The Lagos State Government has disbursed ₦1.08 billion in accrued pension rights to 648 retirees across its public service, reaffirming its commitment to the welfare and financial security of retired workers.
Speaking at the 115th Retirement Benefit Bond Certificate Presentation Ceremony held at the Adeyemi Bero Auditorium, Alausa, the Head of Service, Mr. Bode Agoro, announced that Governor Babajide Sanwo-Olu approved the release of ₦1,081,535,589.42 for retirees from the Mainstream Civil Service, Local Governments and LCDAs, LASUBEB, TESCOM, and other state government agencies.
Agoro described the payment as another demonstration of the governor’s commitment to rewarding years of dedicated public service. He commended the governor for consistently prioritising retirees’ welfare and praised the Lagos State Pension Commission (LASPEC), led by Mr. Babalola Obilana, for ensuring the timely processing of pension benefits. He also noted that LASPEC’s retirement documentation and sensitisation programmes have strengthened pension administration and better prepared workers for retirement.
Obilana explained that the funds represent the retirees’ accrued pension rights for services rendered before the Contributory Pension Scheme was introduced in 2007. He credited the success of the state’s pension system to the collaboration between LASPEC, Pension Fund Administrators (PFAs), Annuity Service Providers (ASPs), Ministries, Departments and Agencies (MDAs), and other stakeholders.
He added that LASPEC will continue to deepen stakeholder engagement, promote financial literacy among public servants, and adopt innovative approaches to enhance service delivery, ensuring Lagos remains a leader in transparent and efficient pension administration despite economic challenges.