Lagos State presents ₦1.5bn retirement bonds to 832 retirees, underscoring commitment to public service welfare and efficient pension management

Lagos State Government on Tuesday presented retirement bond certificates worth ₦1.5 billion to 832 public servants who have retired, reaffirming its commitment to workers’ welfare.

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The ceremony took place at the Adeyemi Bero Auditorium, Alausa, Ikeja, under the auspices of the Lagos State Pension Commission (LASPEC).

Mr Babalola Obilana, Director-General of LASPEC, described the 112th Batch Retirement Bond Presentation Ceremony as “a deeply significant gathering that celebrates dedication, service, honour and fulfilment.”

He noted that the retirees had devoted the most productive years of their lives to strengthening governance in Lagos State.

“You have served faithfully, and today the State stands ready to fulfil its promise to you,” Obilana said while congratulating the beneficiaries.

Obilana praised Governor Babajide Sanwo-Olu for his “unwavering commitment” to workers’ welfare, emphasising Lagos’ consistency in meeting its obligations under the Contributory Pension Scheme (CPS).

He added that the state has promptly remitted both employer and employee pension contributions to the respective Retirement Savings Accounts since the scheme’s adoption.

The LASPEC DG highlighted reforms in the pension administration system, noting that digitalisation, continuous record reconciliation, and strengthened collaboration with Pension Fund Administrators have improved efficiency and eliminated longstanding bottlenecks.

“The Bond Presentation Ceremony remains central to these reforms. Each ceremony represents another significant milestone, not just numbers on charts but real people whose futures are safeguarded,” he said.

Obilana stated that Lagos now runs “one of the most efficient and well-managed pension systems in the country,” supported by ongoing training and sensitisation programmes for directors, HR officers, and pension desk officers across MDAs.

Looking ahead, he assured that LASPEC would continue to make the system adaptable, inclusive, and responsive to the economic realities affecting current and future retirees.

Expressing gratitude to Governor Sanwo-Olu, Obilana added: “Today, Mr Governor will be presenting another set of 832 retirees with their retirement bond certificates worth a total of ₦1,500,000,000, being their past service benefits prior to the commencement of the Contributory Pension Scheme in 2007.”

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He also commended LASPEC staff and stakeholders for their dedication, saying, “Thank you for the late nights and tireless commitment you’ve put into making the Contributory Pension Scheme a success in Lagos State.”