The Lagos State Government has presented Bond Certificates worth over ₦1.08 billion as accrued pension rights to 648 retirees under the Contributory Pension Scheme (CPS), reaffirming its commitment to the welfare of retired public servants.
Eko Hot News reports that the Lagos State Pension Commission (LASPEC) presented Bond Certificates valued at ₦1,081,535,589.42 to retirees drawn from the Mainstream Civil Service, Local Governments, Local Council Development Areas (LCDAs), the Lagos State Universal Basic Education Board (LASUBEB), the Teaching Service Commission (TESCOM), and other state government parastatals.
The presentation ceremony highlighted the Lagos State Government’s continued efforts to ensure that retired workers receive their accrued pension rights promptly under the Contributory Pension Scheme.
Speaking at the event, government officials described the presentation of the bond certificates as another milestone in the state’s commitment to recognising the dedication and years of service rendered by public servants.
The beneficiaries comprise retirees who faithfully served the state in different capacities before exiting active service.
The accrued pension rights represented by the bond certificates will enable the retirees to access their retirement benefits in line with the provisions of the Contributory Pension Scheme.
The Lagos State Government noted that timely settlement of pension obligations remains a priority in promoting the welfare and financial security of retired workers.
Officials stated that the initiative reflects Governor Babajide Olusola Sanwo-Olu’s commitment to rewarding excellence and honouring those who contributed to the development of Lagos State during their years of service.
According to the government, retirees deserve to enjoy a dignified and comfortable retirement after years of dedicated service to the public.
The administration reaffirmed that pension payments and retirement benefits remain an important part of its people-centred governance agenda.
Government representatives also acknowledged the valuable contributions made by civil servants, teachers, local government employees and workers across various agencies who helped drive the growth and development of Lagos State.
The Lagos State Pension Commission (LASPEC) continues to play a strategic role in implementing the Contributory Pension Scheme and ensuring compliance with pension administration guidelines.
Since the introduction of the scheme, LASPEC has consistently worked with Pension Fund Administrators and other stakeholders to improve the retirement process for public servants.
The Commission has also sustained initiatives aimed at ensuring transparency, accountability and efficiency in pension management across the state.
Stakeholders at the ceremony commended the Lagos State Government for maintaining consistency in meeting its pension obligations despite prevailing economic challenges.
They noted that prompt payment of accrued pension rights strengthens retirees’ confidence in the Contributory Pension Scheme and promotes financial stability after retirement.
The presentation of the bond certificates also reflects the government’s broader commitment to protecting the welfare of senior citizens and recognising their invaluable contributions to public service.
Observers described the exercise as an important demonstration of responsible governance and appreciation for workers who dedicated several years to serving Lagos State.
The Sanwo-Olu administration has continued to implement policies aimed at improving workers’ welfare, strengthening the public service and ensuring that retirees receive the benefits due to them without unnecessary delays.
By presenting over ₦1.08 billion in accrued pension rights to 648 retirees, the Lagos State Government has once again reinforced its commitment to honouring service, promoting dignity in retirement and supporting the well-being of senior citizens who have contributed significantly to the growth and progress of the state.
