Lagos pays 366 retirees N1.49bn

Nigeria’s pension assets

Lagos pays 366 retirees N1.49bn


The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, has said Lagos State Government has paid N1.49bn to 366 retirees.

A statement titled ‘Lagos assures retirees on the speedy resolution of pension issues’ said he disclosed this during the 83rd bond presentation ceremony to 366 pensioners with Retirement Savings Accounts recently.

Obilana said LASPEC was fully committed to ensuring that retirees received their terminal benefits as of when due.

He said that LASPEC was established to take care of the needs of retirees, a role the commission had been performing  and would continue to devote itself to.

Obilana said, “We are dedicated to the retirees’ welfare because we know that they have worked so hard for the progress of the state. Now is the time for them to reap the benefit.”

While expressing gratitude to the retirees for always cooperating with the agency and adhering to laid down rules, the director-general explained that this had resulted in a greater reduction in delay of the payment of their entitlements.

He said, “We could have sent these bond certificates to everyone at home, but we deemed it proper for everyone to be here so that we can reiterate that LASPEC is open to all for questions.

“It gives us great joy that there has been a big reduction in reports of retirees being swindled of their entitlements.

“This is because the retirees are now better enlightened as a result of our constant advocacy as well as open door policy at LASPEC.”

Obilana urged the retirees to be wary of swindlers and crooks who were out to con them of their hard earned money.

He said, “LASPEC will not call or send you messages to charge you to get your entitlements. It is not in our mandate to do that.”

The LASPEC boss expressed gratitude to the Lagos State Governor, Mr Babajide Sanwo-Olu, for his swift response to pension matters.

Obilana said that the government was presently working on a template that would ensure that retirees did not have to wait longer to get their entitlements.

He said that in order to improve on the current system, the governor was working on a model that would ensure that retirees got their entitlements as soon as they disengaged from service.