Lagos govt pays N1.52bn to 798 retirees

The Lagos State Government has disbursed a total of N1.52 billion to 798 retirees of the State Public Service.

The retirement bond certificates worth a total of N1,520,223,053.19 were presented at the 110th Batch Retirement Bond Certificate Presentation Ceremony at Alausa, Ikeja, on Monday, August 8, 2025.

The event was attended by hundreds of retirees who were physically present to collect the bond certificates.

Speaking at the event, the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the gesture reflects Governor Babajide Sanwo-Olu’s commitment to the welfare of retired workers.

Obilana said Lagos operates a pay-as-you-go pension system, enabling prompt settlement once documentation is completed.

“Today’s ceremony is a testament to the commitment of the Lagos State Government towards the well-being and financial security of its workforce,” Obilana said, noting that Lagos operates a pay-as-you-go pension system that enables prompt settlement of benefits once documentation is complete.

He explained that the bond certificates, worth N1,520,223,053.19, represent past service benefits accrued before the commencement of the Contributory Pension Scheme (CPS) in 2007.

Obilana added that Lagos State has built one of the most efficient pension systems in the country through collaboration with Pension Fund Administrators, annuity service providers, and government agencies.

He, therefore, urged retirees to manage their retirement funds wisely.

Speaking on behalf of the retirees after receiving their bond certificates, Funto Olaitan Aina and Olayinka Ramoni Alaka expressed gratitude to the government, describing the bond as timely and life-changing.

They also commended the Sanwo-Olu administration for keeping faith with retirees and urged the Lagos State Government to sustain and improve the system for future pensioners.

The Star