The Lagos State Government has presented N1.52 billion in retirement bond certificates to 798 civil service retirees under the Contributory Pension Scheme.
The ceremony, held on Monday in Lagos, marked the 110th bond certificate presentation organized by the Lagos State Pension Commission.
LASPEC Director-General, Babalola Obilana, said the initiative underscores the government’s dedication to prompt pension disbursements.
“This signifies the fulfilment of obligations under the Contributory Pension Scheme, ensuring our retirees receive the benefits they worked hard for throughout their careers,” he stated.
Obilana highlighted that Lagos has established one of Nigeria’s most efficient pension systems despite economic pressures, noting strong partnerships with Pension Fund Administrators, annuity providers, and state ministries to guarantee smooth processing.
He also mentioned ongoing training programs for pension desk officers and financial literacy initiatives for retirees, aimed at improving administration and empowering beneficiaries to manage post-service investments.
The director-general commended Governor Babajide Sanwo-Olu for making pension obligations a priority amid competing demands on the state’s resources.
He further congratulated the retirees, encouraging them to see retirement as “a new chapter of opportunity.”
Following the certificate presentation, the Lagos State Government will credit the bond amounts into each retiree’s Retirement Savings Account, managed by their chosen Pension Fund Administrator.
Retirees can then choose to access their funds via programmed withdrawals or by purchasing a life annuity from an insurance company, after which regular pension payments and state welfare benefits, including free health insurance and subsidized transport, will commence.
In comparison, Lagos paid N740 million to 348 retirees at the 107th bond certificate ceremony in 2024, reinforcing the state’s track record of timely pension payments and ongoing reforms.