Lagos State pays N1.01bn to 218 retirees in August 2020

From left: Executive Director, Finance & investment Lagos State Pension Commission, Olumuyiwa Oshin, a retiree and the Director-General, Babalola Obilana, during the 78th batch Bond Certificates presentation ceremony in Lagos.

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Chuks Udo Okonta

The Lagos State Government said a total number of 218 retirees have been paid the sum of N1,014,666,487.88 ( One Billion, Fourteen Million, Six Hundred and Eighty Seven Naira, Eighty Eight Kobo Only) for the month of August 2020.

The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, disclosed this at the 78th Batch Retirement Bond Presentation Ceremony, in Lagos.

Presentation of bond certificate to a retiree

He noted that in view of the ravaging COVID-19 pandemic across the world, LASPEC has changed in its mode of distributing Bond Certificates to State Pensioners, stressing that the retirees would now be attended to in batches, in compliance with the social distancing rules of the State Government.

The new process adopted by the Commission, he posited nullifies the initial arrangements where the presentation of Bond Certificates was handled by the Pension Fund Administrators of concerned retirees or beneficiaries.

Presentation of bond certificate to a retiree

According to the Director General of LASPEC, the Commission initiated the new process to ensure that Senior Citizens are not exposed to the Corona Virus and to also comply with the State Government’s directive on the restriction on large gatherings.

He explained that “the Commission changed from its initial method of releasing bond certificates to Pension Fund Administrators who had been inviting beneficiaries to exit meetings to access their Lump sum and monthly pensions.”

He affirmed that LASPEC will continue to be resolute in forging ahead with the contributory pension scheme; he stressed that the scheme was sustainable and had resolved the challenges of the past Pension Scheme Administration which, being non-contributory relied totally on budgetary allocations of Government.

Presentation of bond certificate to a retiree

He stated that the State Government through LASPEC was committed to ensuring that retirees are paid their terminal entitlements as and when due without any hiccups.

“We remain committed to our ideals of making Lagos State a role model for others to follow on pension matters.

In Lagos State, our employees are our greatest assets and this is why we are not only passionate about providing good conditions of service, but also fully committed to ensuring that their entitlements are paid when they exit the Public Serviceā€, Obilana reiterated.

He advised the retirees to be mindful of fraudsters who come with the idea of unknown business and also implored them to be careful with the disclosure of information about their Bond Benefit Entitlement in order to not fall into the hands of people with ulterior intentions.

Obilana appreciated the State Governor, Babajide Sanwo-Olu for his unrelentless efforts towards the plight of retirees in the State.

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