The Lagos State Government has presented retirement bond certificates worth ₦1.52 billion to 798 public service retirees, reaffirming its commitment to the welfare of workers after service.

The presentation, held on Monday, marked the 110th batch of beneficiaries under the state’s Contributory Pension Scheme (CPS).

Director General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, said the exercise reflected Lagos’ consistency in honoring its pension obligations despite economic challenges.

“This signifies the fulfilment of obligations under the Contributory Pension Scheme, ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers,” Obilana said.

He noted that Lagos has built one of the most reliable pension systems in Nigeria, working closely with Pension Fund Administrators, Annuity Service Providers, and government MDAs to ensure timely processing of benefits.

Obilana stressed that prompt disbursement of retirement entitlements has distinguished Lagos from many other states, boosting confidence in the CPS.

To strengthen pension administration, LASPEC has also rolled out training and sensitisation programmes for directors, HR managers, and pension desk officers, equipping them with the skills to handle pension matters more efficiently.

Beyond administration, Obilana revealed that the Commission is promoting financial literacy for retirees, helping them make informed decisions on post-service investments.

He commended Governor Babajide Sanwo-Olu for prioritising pension obligations despite competing fiscal pressures, while also praising LASPEC staff for their dedication.

Obilana congratulated the new batch of beneficiaries, urging them to embrace retirement as a “new chapter of opportunities”, while assuring them that Lagos would continue to innovate its pension framework to meet both present and future needs.