Lagos pays N1.036bn retirement benefits to 663 retirees

By Kazeem Ugbodaga

The Lagos State Government has paid N1.036 billion retirement benefits to 663 retirees from the state’s public service, local governments, Local Council Development Areas (LCDAs) and other government agencies.

The presentation of bond was made on Wednesday at the 117th Retirement Benefits Bond Certificate Presentation Ceremony held at NECA House, Alausa, Ikeja.

In his goodwill message, the Head of Service, Bode Agoro, commended Governor Babajide Sanwo-Olu for prioritising the welfare of public servants and ensuring that retirement benefits were administered responsibly.

Agoro, who was represented by the Permanent Secretary, Local Government Service Commission, Bukonla Durodola, said the presentation marked another milestone in the government’s determination to fulfil its obligations to retirees and ensure that officers who had devoted their productive years to the state received their duly earned benefits.

He said the release of the funds demonstrated the government’s resolve to honour its commitments and provide retirees with greater financial security as they transitioned into a new phase of life.

The Head of Service also acknowledged the contributions of public servants to the growth and development of Lagos State, assuring serving officers that the government remained committed to building a responsive, productive and people-oriented public service.

Earlier, the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the government was facilitating the payment of N1,036,355,006.43 to the 663 beneficiaries in recognition of their years of dedicated service.

The beneficiaries comprise retirees from the mainstream public service, local governments, Local Council Development Areas (LCDAs), the State Universal Basic Education Board (SUBEB), the Teaching Service Commission (TESCOM) and various parastatals.

Obilana said the initiative underscored the Sanwo-Olu administration’s commitment to fulfilling its pension obligations and improving the financial security of retired public servants.

He added that LASPEC would continue to pursue measures to improve pension administration, strengthen collaboration with stakeholders and enhance service delivery to retirees.

According to him, the commission is working to improve operational processes, embrace technology, strengthen records management and facilitate the processing of retirement documentation.

He said LASPEC would also sustain its financial education and sensitisation initiatives to help serving officers and retirees understand their pension entitlements, retirement procedures and the effective management of retirement income.

Obilana urged beneficiaries to keep their retirement records safe and ensure that their personal and pension-related information remained accurate and up to date.

He also cautioned retirees against individuals who might attempt to exploit them by promising to facilitate pension payments in exchange for unofficial fees, advising them to rely only on authorised channels for information and assistance.