By Peter Omopo
The Lagos State Government has disbursed retirement bond certificates worth ₦1.52 billion to 798 retirees from the state’s public service under the Contributory Pension Scheme (CPS).
The bond presentation, held on Monday, marked the 110th batch of beneficiaries and reaffirmed the state government’s pledge to safeguard the welfare of its workforce after years of service.
Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, described the gesture as a testament to the state’s consistency in meeting pension obligations despite prevailing economic pressures.
“This exercise signifies the fulfilment of obligations under the Contributory Pension Scheme, ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers,” Obilana said.
He noted that Lagos has earned a reputation for operating one of the most effective pension systems in Nigeria, owing to prompt and transparent payments. LASPEC, he added, has worked closely with Pension Fund Administrators, Annuity Service Providers, and relevant ministries to ensure seamless processing of entitlements.
Obilana explained that the Commission has also introduced training and sensitisation programmes for directors, human resources officers, and pension desk officers across government ministries to build capacity and minimise delays in pension administration.
Beyond payments, the DG said LASPEC was intensifying financial literacy initiatives to equip retirees with the knowledge to make informed post-service investment decisions.
He commended Governor Babajide Sanwo-Olu for prioritising pension obligations despite competing fiscal demands and praised LASPEC staff for their dedication.
Congratulating the beneficiaries, Obilana urged them to embrace retirement as “a new chapter of opportunities,” assuring them that Lagos would continue to innovate its pension framework to meet both present and future needs.
