Lagos State pays N1.13bn to 311 retirees

Governor Sanwo Olu

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Chuks Udo Okonta

The Lagos State Government under the leadership of His Excellency Governor Babajide Sanwo Olu, has presented Retirement Benefit Bond Certificates worth one Billion, One Hundred and Thirty-Two Million, One Hundred and Thirty-Six Thousand, Seven Hundred and Fifty-one naira, and Eighty Nine kobo (N1,132,136,751.89) to 311 public service retirees.

A statement by the Public Affairs Officer, Lagos State Pension Commission (LASPEC), Mrs. Adetokunbo Eko, stated that the Director-General, LASPEC Mrs Folashade Onanuga, whilst welcoming the retirees to the 65th Retirement Benefit Bond Presentation Ceremony, thanked God for the grace given to the retirees to witness the beautiful day and assured the retirees that the Government’s interest in the wellbeing of the retirees is paramount.

According to her, the Government of Governor Babajide Sanwo-Olu is a people oriented government and also sensitive to the yearnings of the populace, as such willing to pay the pension benefits of the retirees. She implored retirees to be prudent with their pension and use it judiciously. She further advised them to beware of fraudsters.

Retirees were given a lecture by the technical department of the agency on how to link up with their pension fund managers who will help turn their bond into cash.
The DG also stated the differences between annuity and withdrawal program. She expantiated on the two benefit options available under the contributory Pension Scheme.

One of the retirees, Benedict Oni, speaking at the event appreciated the State Government on behalf of his fellow retirees for the continuity on payment of accrued Pension Rights and prayed for the management of Lagos State Pension Commission (LASPEC).

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