Lagos Disburses Over ₦1 Billion Pension Bonds to 463 Retirees

In a move to prioritise the welfare of retired workers from the civil service, the Lagos State Government has disbursed over ₦1 billion in accrued pension rights to 463 retirees.

According to a statement made available to TVC on Wednesday, the sum of ₦1,006,057,173.45 was credited into the Retirement Savings Accounts of retirees drawn from the mainstream civil service, Local Governments, Local Council Development Areas (LCDAs), the State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM), and other state parastatals.

The statement revealed that the Head of Service, Mr Bode Agoro, while speaking at the 111th Retirement Bond Certificate Presentation Ceremony held at the NECA Auditorium, Alausa, Ikeja, on Monday, described the event as a testament to the Sanwo-Olu administration’s unwavering commitment to the welfare of workers, both serving and retired.

“Under Governor Babajide Sanwo-Olu’s leadership, Lagos has remained consistent in ensuring the prompt presentation of bond certificates to retirees, leading to the speedy payment of their retirement benefits,” Agoro said, adding that the gesture reflected the huge premium the governor placed on the welfare and well-being of our senior citizens.

Agoro, who was represented by the Director, Post Service, Public Service Office, Mrs Bukola Durodola, urged the beneficiaries to use their entitlements judiciously, saying that the state government remains deeply invested in the welfare of retirees even after service.

He also commended the Lagos State Pension Commission (LASPEC) for its professionalism and efficiency in ensuring timely documentation and payment of benefits.

The statement further revealed that the Director-General of LASPEC, Mr Babalola Obilana, said Governor Sanwo-Olu’s commitment to regular pension payments has positioned Lagos as a model of effective pension administration in Nigeria.

“Despite the economic challenges faced globally and locally, Lagos State remains one of the few in the federation that consistently fulfils its pension obligations,” Obilana said.

“This feat has been achieved through prudent financial management, fiscal discipline, and the governor’s strong political will to prioritise retirees’ welfare,” he added.

Obilana noted that LASPEC has automated its processes to enhance transparency, accountability, and efficiency.

He encouraged retirees to embrace their new phase of life with gratitude and purpose, invest their funds wisely, and maintain healthy lifestyles.