Lagos govt honors retirees with N2.017bn in benefits

The Lagos State Government has disbursed N2.017 billion in retirement benefits to 644 retirees during the 101st batch Retirement Bond Certificate presentation, which took place in Alausa, Ikeja

During the event, Mr. Babalola Obilana, the Director-General of the Lagos State Pension Commission (LASPEC), stated that the payment symbolized the retirement benefits accrued by the retirees for their service before the introduction of the Contributory Pension Scheme (CPS) in 2007 under the NBN (National Bonding Network).

Obilana noted that the event was organized to celebrate a significant milestone and exceptional retirees who had dedicated their time, energy and talents to the service of Lagos State.

He said, “It is indeed an honor to recognise and commend the retirees’ hard work and commitment demonstrated throughout their years of service to Lagos State.

“This retirement bond certificate presentation is not just a formality; it is a moment to reflect upon the remarkable contributions you all have made. Your unwavering dedication has helped to shape Lagos State into the Centre of Excellence it is today.

“These retirement bond certificates symbolise more than just financial rewards; they represent the trust and confidence we have in our retirees.

“They are a testament to the lasting impact you have made just as your dedication has been the bedrock of the goal of a greater Lagos State.”

Mr Olawale Musa, Permanent Secretary, Lagos State Ministry of Establishments, Training and Pensions, commended Governor Sanwo-Olu for prioritizing the welfare of public service workforce even in retirement.

Musa advised the retirees to be prudent with their money and to be careful about choosing investment options.