By Olasunkanmi Akoni
Lagos — The Lagos State Government has disbursed retirement bond certificates worth ₦1,520,223,053.19 to 798 retirees as part of their accrued service benefits under the Contributory Pension Scheme (CPS).
The certificates were presented at the 110th Batch Retirement Bond Certificate Presentation ceremony held in Alausa, Ikeja, where hundreds of retirees were present to receive their entitlements.
Speaking at the event, the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the gesture reflected Governor Babajide Sanwo-Olu’s commitment to ensuring retirees get their benefits without delay.
“Today’s ceremony is a testament to the commitment of the Lagos State Government towards the well-being and financial security of its workforce. It signifies the fulfilment of obligations under the CPS,” Obilana said.
He explained that Lagos operates a pay-as-you-go pension system, which allows for timely settlement once documentation is completed. He added that LASPEC has consistently worked with Pension Fund Administrators, annuity service providers, and MDAs to ensure smooth pension processing.
Obilana advised retirees to make wise decisions on how to invest or spend their retirement funds.
On behalf of the beneficiaries, Mrs. Funto Olaitan Aina, a retired staff of the Ministry of Environment and Water Resources, and Mr. Olayinka Ramoni Alaka, a retired town planner, expressed gratitude to the Sanwo-Olu administration, describing the disbursement as timely and impactful.
“I retired last year, and I am getting my bond certificate just a year after. The payment was prompt. We thank the Lagos State Government for making this a reality,” Aina said.
Alaka, who also retired last year, said he would invest part of his benefits in his business. He commended Lagos for sustaining a system that ensures retirees are not left stranded.
“From what I have seen in other states, many pensioners are still waiting, but Lagos pays promptly. The process has been seamless,” he added.
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