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The Lagos State Government has issued N1.52 billion retirement bond certificates to 798 civil service retirees under the Contributory Pension Scheme (CPS).
The event, held on Monday in Lagos, was the 110th bond certificate presentation ceremony overseen by the Lagos State Pension Commission (LASPEC).
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LASPEC Director-General, Babalola Obilana, said the exercise reaffirmed the government’s commitment to timely pension payments.
“This signifies the fulfilment of obligations under the Contributory Pension Scheme, ensuring our retirees receive the benefits they worked hard for throughout their careers,” he said.
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Mr Obilana added that Lagos has built one of Nigeria’s most effective pension systems despite economic challenges, citing close collaboration with Pension Fund Administrators, annuity providers, and ministries to ensure seamless processing.
He also listed new training programmes for pension desk officers and financial literacy initiatives for retirees to strengthen administration and help beneficiaries manage post-service investments.
The director-general praised Governor Babajide Sanwo-Olu for prioritising pension obligations despite competing demands on state resources.
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He also congratulated the retirees, urging them to view retirement as a new chapter of opportunity.
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After the retirees receive their bond certificates, the Lagos State Government is expected to credit the monetary value into each retiree’s Retirement Savings Account (RSA) managed by their chosen Pension Fund Administrator (PFA).
Retirees then decide whether to access the funds through a programmed withdrawal or by purchasing a life annuity from an insurance company. Once processed, they begin to receive regular pension payments, alongside state welfare benefits such as free health insurance and subsidised transport.
In 2024, Lagos paid N740 million to 348 retirees during the 107th bond certificate ceremony, reinforcing its record of prompt payments and pension reforms.
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