668 Lagos retirees get N1.13b bond certificates
Lagos State retirees numbering 668 have received retirement bond certificates valued at over N1.126 billion under the Contributory Pension Scheme (CPS). The bond certificates presented to the retirees represent accrued
Lagos State retirees numbering 668 have received retirement bond certificates valued at over N1.126 billion under the Contributory Pension Scheme (CPS).
The bond certificates presented to the retirees represent accrued rights earned before the introduction of the CPS in 2007.
Besides, the state government reaffirmed its commitment to the prompt payment of retirement benefits, assuring public servants that their welfare remains a priority even after leaving service.
Speaking at the 30th Retirement Benefit Documentation Seminar and the 114th Retirement Bond Presentation Ceremony held at Adeyemi Bero Auditorium, Alausa, the Head of Service, Bode Agoro, said the state has put structures in place to ensure a seamless transition from active service to retirement.
Agoro urged retiring officers to take documentation seriously, noting that timely and accurate processing remains key to accessing benefits without delay.
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“As long as your documentation is complete and up to date, the Lagos State Government, through the Pension Commission, will ensure prompt processing and payment of your retirement benefits,” he said.
He commended the Lagos State Pension Commission (LASPEC) for sustaining the documentation exercise, describing it as critical to eliminating bottlenecks in pension administration.
According to him, the consistency of the seminar reflects government’s determination to support workers through every stage of their career, including retirement.
Agoro also acknowledged the contributions of retirees to the growth of the state, saying their experience and dedication helped shape the public service.
In his address, the Director-General of LASPEC, Babalola Obilana, said the bond presentation underscores government’s commitment to fulfilling its pension obligations.
He noted that despite economic challenges, Lagos has maintained one of the most efficient pension systems in the country.
“The Contributory Pension Scheme in Lagos State remains one of the most reliable and well-managed. We have continued to work with Pension Fund Administrators and other stakeholders to ensure seamless processing and timely payment of entitlements,” Obilana said.
He explained that the 114th batch of retirees joins a growing list of beneficiaries under the scheme, reinforcing confidence in the system.
Obilana added that LASPEC has intensified training and sensitisation programmes for public servants, particularly those handling pension matters, to reduce delays caused by documentation gaps.
Looking ahead, he said the commission would continue to strengthen the system to meet the needs of both current and future retirees.
“As the state grows, we are focused on improving financial literacy among retirees, deepening stakeholder engagement and exploring new ways to enhance pension management,” he said.
He also commended Governor Babajide Sanwo-Olu for sustaining the regular release of funds for pension obligations.
