The Lagos State Government has disbursed N740 million in accrued pension rights to 348 retirees, according to Babalola Obilana, Director General of the Lagos State Pension Commission (LASPEC).

Speaking at the 107th retirement bond certificate presentation ceremony in Lagos on Friday, Obilana explained that the payment covers past service benefits accumulated before the introduction of the Contributory Pension Scheme (CPS) in 2007. He reiterated the state’s commitment to supporting retirees throughout their retirement journey.

Obilana commended Governor Babajide Sanwo-Olu for his prompt support in fulfilling pension obligations and highlighted various state policies aimed at improving retirees’ welfare. “Lagos has made significant strides in ensuring transparency, efficiency, and sustainability in its pension systems,” he said.

He noted that the state now ensures retirement benefits are paid in the same year that officers retire. “This accomplishment reflects our dedication to Governor Sanwo-Olu’s goal of financial security for retirees,” Obilana added.
LASPEC has also introduced sensitization programs to educate employees nearing retirement about the CPS and financial management, featuring experts in financial literacy and investment options. Additionally, the state offers free health insurance and subsidized public transport to retirees.

At the event, a retiree, Funmilayo Aiyelabola, expressed gratitude to the state government and LASPEC for their professionalism and dedication. “We appreciate the government for keeping retirees’ welfare at heart and making the process smooth,” she said.

Obilana concluded by congratulating the retirees: “Retirement is not an end but a new beginning. Embrace it with enthusiasm and continue to contribute to your communities meaningfully.”