Lagos pays N1.01b retirement benefits to 544 public service retirees

The Lagos State Government has disbursed N1.01 billion as accrued pension rights to 544 retirees of the state public service, reaffirming its commitment to the timely payment of retirement benefits under the Contributory Pension Scheme (CPS).

The payment was announced at the 113th Retirement Benefit Bond Certificate Presentation Ceremony held at the Adeyemi Bero Auditorium, Secretariat, Alausa, Ikeja.

Speaking at the event, the Head of Service, Mr. Bode Agoro, said the sum of N1.01billion has been paid into the Retirement Savings Accounts of retirees drawn from the mainstream civil service, local governments and local council development areas, Lagos State Universal Basic Education Board (LASUBEB), Teaching Service Commission (TESCOM) and other state parastatals.

Agoro commended Governor Babajide Sanwo-Olu for sustaining the consistent payment of retirement benefits since the introduction of the CPS in Lagos State in 2007, describing it as a promise kept with “gratitude and respect” for public servants who had devoted their productive years to the state.

He also praised the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, and staff of the commission for ensuring the timely processing of retirees’ benefits, noting that the commission’s sensitisation programmes and retirement documentation seminars were yielding positive results.

“This administration remains committed to securing the welfare and well-being of our respected retired public servants, and we will continue to do our best to make things better,” Agoro said.

In his welcome address, Obilana described the bond presentation ceremony as more than a statutory exercise, noting that it represented formal recognition of retirees’ years of service and the state’s obligation to honour those contributions.

He explained that the CPS, introduced in Lagos State in 2007, was designed to eliminate uncertainty, delays and unsustainable pension practices, replacing them with a predictable, transparent and structured system.

According to him, LASPEC’s mandate includes the accurate computation, verification and funding of accrued pension rights, issuance of retirement benefit bonds and ensuring a smooth transition from active service to retirement.

“The retirement benefit bonds issued today are a tangible fulfilment of the state government’s obligations and reflect a system built on responsibility and consistency,” Obilana said.

He added that the consistency in pension payments was a result of deliberate prioritisation, prudent financial management and the recognition of pension obligations as essential liabilities, even in the face of economic pressures.

Obilana assured retirees and serving officers that the state government remained committed to continuous improvement in pension administration through stronger internal controls, reduced processing timelines, improved stakeholder engagement and increased use of technology.

Congratulating the retirees of the 113th batch, he said their accrued rights were being secured in line with the law, while also acknowledging the role of Pension Fund Administrators, annuity service providers and relevant ministries, departments and agencies in the smooth administration of the CPS.

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The ceremony marked the 113th batch of retirement benefit bond presentations by the Lagos State Government, underscoring its ongoing effort to ensure that retirement does not translate into hardship for public servants.