Retirees under the Lagos State Pension Commission (LASPEC) have received a N1.13 billion payout as the Lagos State Government continues to deepen gains from its pension reform programme. A total of 668 former public servants benefited from the latest round of retirement bond disbursements.
114th Batch Retirement Bond Ceremony
At the 114th Batch Retirement Bond Certificate Presentation Ceremony held in Lagos at the weekend, Director-General of LASPEC, Babalola Obilana, said the payments covered accrued pension rights for workers who retired before the introduction of the Contributory Pension Scheme (CPS) in 2007. This underscores the state’s resolve to ensure prompt and sustainable pension administration.
According to him, the N1.126 billion released underscores the state government’s resolve to prioritise the welfare and financial security of its workforce, even amid prevailing economic pressures. Obilana noted that Lagos has continued to distinguish itself as a leader in pension administration, describing its CPS framework as “one of the most efficient and well-managed in the country”.
Collaboration and Efficiency
He attributed the performance to sustained collaboration between LASPEC, pension fund administrators (PFAs), annuity service providers (ASPs) and other stakeholders, which has ensured seamless processing and prompt disbursement of entitlements. “The 114th Batch joins the growing number of retirees who have received their benefits, reinforcing our promise of financial security to public servants,” he said.
The LASPEC boss also disclosed that the commission has intensified capacity-building initiatives targeted at directors, administrative officers and the pension desk. Officers across ministries, departments, and agencies (MDAs) are to improve efficiency in pension processing.
