The Lagos State Government, through the Lagos State Pension Commission (LASPEC), has presented retirement benefit bonds worth over N1.01 billion to 544 retirees across various arms of the state public service.
Eko Hot News reports that the 113th Retirement Benefit Bond Presentation Ceremony was held at the Adeyemi Bero Auditorium, Alausa, Ikeja, marking another milestone in the state’s commitment to pension obligations.
At the ceremony, accrued pension rights totalling N1,014,835,820.80 were credited into the Retirement Savings Accounts of retirees from the Mainstream Civil Service, Local Governments, Local Council Development Areas, Lagos State Universal Basic Education Board (LASUBEB), Teaching Service Commission (TESCOM), and other state parastatals.
LASPEC explained that the retirement benefit bonds represent accrued rights earned by public servants through years of dedicated service, noting that their issuance reflects the state government’s consistency, responsibility, and structured pension administration.
Officials stressed that the exercise reinforces confidence in the Contributory Pension Scheme and assures serving officers that their future benefits remain secure and prioritised.
Since the introduction of the Contributory Pension Scheme in 2007, Lagos State has maintained a record of regular and prompt payment of retirement benefits, setting a benchmark for pension administration in Nigeria.
The ceremony also highlighted the Babajide Sanwo-Olu administration’s resolve to honour retirees with dignity, recognising their sacrifices and contributions to the development of the state.
According to LASPEC, the sustained release of retirement benefits is not merely a policy obligation but a demonstration of respect and gratitude to those who devoted their productive years to public service.
Beneficiaries at the event expressed appreciation to the state government for upholding its pension commitments, describing the process as transparent and reassuring.
The Lagos State Government reaffirmed its pledge to continue prioritising the welfare of retirees while strengthening systems that guarantee financial security after service.
