On Wednesday, the Lagos State Government disbursed N2.017 billion in retirement benefits to a group of 644 retirees. The Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, made this announcement during the 101st batch Retirement Bond Certificate presentation held for retired individuals in Lagos State.
Obilana clarified that the payment made on Wednesday pertains to the retirees’ past service benefits, which were earned prior to the implementation of the Contributory Pension Scheme in 2007.
He highlighted that the event was organized to commemorate a significant achievement and recognize exceptional retirees who had devoted their time, efforts, and skills to serve Lagos State.
“It is indeed an honor to recognize and commend the retirees’ hard work and commitment demonstrated throughout their years of service to Lagos State.
“This retirement bond certificate presentation is not just a formality; it is a moment to reflect upon the remarkable contributions you all have made.
“Your unwavering dedication has helped to shape Lagos State into the Centre of Excellence it is today.
“These retirement bond certificates symbolize more than just financial rewards; they represent the trust and confidence we have in our retirees.
“They are a testament to the lasting impact you have made just as your dedication has been the bedrock of the goal of a greater Lagos State,’’ Obilana said.
Commenting on the matter, Mr. Olawale Musa, the Permanent Secretary of the Lagos State Ministry of Establishments, Training, and Pensions, commended Governor Babajide Sanwo-Olu for placing a strong emphasis on the well-being of the public service workforce, even after their retirement.
He offered advice to the retirees, urging them to exercise financial prudence and to make careful decisions when selecting investment opportunities.
Musa also encouraged the retirees to consider LASPEC or the ministry as resources they can turn to for any pension-related inquiries or additional explanations.
“I applaud our retirees for their exceptional contributions and unwavering dedication to the development of Lagos State and pray that their retirement be filled with joy, fulfillment, and new experiences,’’ Musa said.
