Sanwo-Olu Presents over N3bn to 1,013 Retirees, Commends LASPEC

Rebecca Ejifoma

The Lagos State Government, through the Lagos State Pension Commission (LASPEC), presented N3.1 billion worth of bond certificates to 1,013 retirees during the 103rd Retirement Bond Certificate Presentation in the Ikeja area of the state.

The State Governor, Babajide Sanwo-Olu, who made the presentation, acknowledged the dedication and professionalism of the LASPEC while congratulating the retirees on their well-deserved entitlements.

He also mentioned that a whooping N56,551,761,900.88 had been paid to 16,026 retirees in the mainstream, LGA/LCDAs, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals of the state government from 2019 to date.

Sanwo-Olu noted that the payment was in line with his administration’s commitment to the welfare of its workforce, both active and post-service.

“As of today, my administration would have covered nearly half of the total payments made by previous administrations since the inception of the CPS in Lagos State.

“While we acknowledge the backlog in the payment of Accrued Rights, our attention is focused on systematically eliminating this backlog,” says Sanwo-Olu.

He also pointed out that the state had made substantial progress in clearing backlogs, as he expressed confidence that before the end of his tenure, “Our aspiration for a “Pay As You Go” model will be realised.

“My administration will continue to run an open government that acknowledges our diversity and promotes inclusion”.

He, therefore, dispelled any misconception of age, gender, sex, tribe, or special needs barrier, assuring them that as long as they were employees of the Lagos State Public Service, whether, in active service or retired, their welfare and well-being were top priority.

The governor further promised that another N4 billion outstanding would be paid in March while the government would try to clear all backlogs by April.

He also announced a one-year free Ilera Eko health scheme for the 1,013 beneficiaries of this batch.

Sanwo-Olu didn’t fail to commend the Director General of LASPEC, Babalola Obilana, and his team for his transparency since he took over the running of the agency in 2020.

“I have never gotten any bad report about you since you took over the running of LASPEC,” Sanwo-Olu made bold, addressing Obilana.

In his reaction, the DG lauded the governor for his unwavering support for the agency.

He also admonished the retirees on the importance of proper financial planning and management.

“Let me also emphasise the importance of proper financial planning and management during retirement.

“Retirees need to make informed decisions regarding their finances to ensure long-term sustainability and security,” he said.

As you decide between programmed withdrawal and annuity, Obilana warned, please pick an option that aligns with your financial goals and aspirations.

The Lagos State Pension Commission was established by the Lagos State Contributory Pension Scheme Law 2007 as a corporate entity to regulate, supervise, and ensure the effective administration of pension matters in the Lagos State Public Service per the provisions of the Pension Reform Act 2004.

Since the inception of the Contributory Pension Scheme (CPS) in 2007, the government has disbursed N138 billion to 34,178 retirees.

For this batch, however, the governor will be paying accrued pension rights to the tune of N3,149,658,599.34 into the Retirement Savings Account of 1,013 retirees from the State Public Service.