Lagos pays N4.46bn pension to 2,000 retirees

Lagos State Governor, Mr Babajide Sanwo-Olu, on Thursday, paid another set of 2,000 retirees N4.46 billion as their past service benefits before the commencement of the Contributory Pension Scheme (CPS) in 2007.

The Director-General of Lagos State Pension Commission, Mr Babalola Obilana, speaking at the 105th batch of retirement bond certificate presentation ceremony, said that the ceremony was made possible through the support and cooperation of stakeholders and the Lagos governor.

“Today, the administration of Governor Babajide Olusola Sanwo-Olu will present another set of 2,000 retirees with a total sum of N4,461,659,536.82, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.

“Today’s ceremony would not have been possible without the support and cooperation of various stakeholders. I extend my heartfelt gratitude to the present administration under the leadership of Mr. Governor, Babajide Olusola Sanwo-Olu, and the Deputy Governor, Dr. Kadri Obafemi Hamzat, for their continuous support and commitment to the welfare of our retirees.

“I also appreciate the efforts of the relevant MDAs we collaborate with to deliver first-class service to our retirees: the Ministry of Establishments & Training, Public Service Office, Office of the Head of Service, State Treasury Office, and Office of Internal Audit, among others. I must also recognize the contributions of the Pension Fund Administrators and Annuity Service Providers towards the success of the Contributory Pension Scheme in Lagos State.

“Lastly, I commend my dedicated and hardworking team, the Lagos State Pension Commission Staff, who have worked tirelessly to make this event a success. Well done, everyone!”

Obilana encouraged retirees to choose wisely between programmed withdrawal and annuity, selecting the option that best suits their circumstances.

“Please remain active and engaged in your communities. Your wealth of experience and knowledge will continue to be a valuable asset, and I urge you to share it with the younger generation. Embrace this new phase of life with enthusiasm and confidence, knowing that your contributions have made a lasting impact.”

He also cautioned retirees to beware of fraudsters targeting vulnerable pensioners.

“LASPEC has received reports of individuals pretending to be Commission staff, visiting pensioners’ homes and claiming to be conducting a verification exercise known as ‘I’m alive,’ during which they request personal information.

“This is a scam. Our verification exercises are conducted online. For any pension-related information or further clarifications, please visit us at NECA House or on our website at www.laspec.gov.ng.”