Lagos Pays 486 Pensioners N1.5bn

Rebecca Ejifoma

The Lagos State Government has paid a total of N1.5 billion accrued pensions rights to 486 retirees for July.

The Director-General of Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, confirmed this at the 95th Batch Retirement Benefit Bond Certificates Presentation for retirees of the Lagos State Public Service  in Lagos.

He said: “The åadministration of Gov. Babajide Sanwo-Olu, just like his predecessors, is committed to the wellbeing of the state’s workforce.”

The DG continued that this administration has consistently prioritised pension contributions in the annual state budget. 

Obilana added: “We are happy to note that Lagos state is fully compliant with the statutory requirements of the Contributory Pension Scheme (CPS) since its inception.

“Despite various economic and financial challenges, employee and employer contributions are remitted promptly into individual employees’ Retirement Savings Accounts (RSAs) monthly.”

Speaking to newsmen, he described Lagos state as a high flyer, having received several awards for exceptional performance in the payment of retirement obligations.

While appreciating the retirees for their labour and sacrifices during their meritorious years in public service, Obilana assured them of the state’s commitment to ensure payment of the outstanding pension liabilities.

He said: “LASPEC is fervently working toward the immediate payment of pension entitlements at retirement from the public service.”

With speculation that some retirees may get defrauded, the LASPEC boss cautioned the pensioners of fraudsters masquerading themselves as agents of LASPEC. 

“Please note that the LASPEC is the only entity officially endorsed by the state government to process the payment of retirement benefits.

“Also note that no officer in LASPEC will ask you for money to process your payments,” he enlightened them further while dissuading them from transferring their RSAs to Pension Fund Administrators (PFAs).