The Lagos State Government has released retirement bond certificates worth ₦1.52 billion to 798 former employees under the Contributory Pension Scheme (CPS).
The certificates were presented at the 110th Batch Retirement Bond Certificate Presentation ceremony in Alausa, Ikeja, where retirees gathered to receive their entitlements.
Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the disbursement underscored Governor Babajide Sanwo-Olu’s commitment to the welfare of retired workers.
“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 enables timely settlement once documentation is completed. LASPEC, he added, works closely with Pension Fund Administrators, annuity providers, and MDAs to ensure smooth processing.
Obilana also urged retirees to make prudent decisions when investing or spending their benefits.
Beneficiaries at the event praised the state government for what they described as a prompt and transparent process.
Mrs. Funto Olaitan Aina, who retired from the Ministry of Environment and Water Resources last year, said: “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.”
Another retiree, Mr. Olayinka Ramoni Alaka, a former town planner, said he plans to invest part of his benefits in his business. “From what I have seen in other states, many pensioners are still waiting, but Lagos pays promptly. The process has been seamless,” he said.
Lagos remains one of the few states consistently making regular pension payments under the contributory system introduced in 2007.
