By David Akinmola
Not more than 544 pensioners of the Lagos State Public Service have received retirement bond certificates valued at N1.01 billion, as the state government reaffirms its commitment to the welfare of public servants and the sustainability of the state’s pension system.
The Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, disclosed this at the 113th Retirement Benefit Bond Presentation Ceremony in Lagos at the weekend.
He described the exercise as more than a statutory requirement, saying it reflected the government’s recognition of the years of service rendered by its workforce and its resolve to honour retirement obligations.
“The programme is a formal acknowledgement of your years of service and contribution to the state. It demonstrates the government’s commitment to ensuring that retirement does not become a period of uncertainty or hardship,” Obilana said.
He revealed that since the adoption of the CPS in Lagos State in 2007, the government had pursued a structured and forward-looking approach to pension administration, deliberately moving away from delays, unpredictability, and unsustainable practices that characterized the old system.
According to him, LASPEC’s mandate includes the accurate computation, verification, and funding of accrued rights, the timely issuance of retirement benefit bonds, and ensuring a seamless transition from active service to retirement for public servants.
The retirement benefit bonds issued are a direct reflection of accrued rights earned through years of service. Their issuance underscores a system built on responsibility, consistency, and accountability,” he added.
Obilana explained that a total sum of N1.014,835,820.80 was paid to the 544 retirees, noting that the consistency of such payment reflected careful planning and the firm commitment of the administration of Governor Babajide Sanwo-Olu to workers’ welfare.
He attributed the regularity of pension payments to prudent financial management and a clear understanding that pension obligations must be treated as essential liabilities, even amid economic pressures and competition demand.
The LASPEC boss said the exercise also served as reassurance to serving officers that retirement does not mark the end of government responsibility but forms part of a structured career path supported by long-term security.
Commending the retirees, who served across various cadres and sectors of the Lagos State Public Service, Obilana said their contributions had sustained government operations, supported policy implementation, and preserved institutional memory.
“Public service demands patience, discipline, and adaptability. Over the years, you navigated reforms, administrative changes, technological shifts, and evolving public expectations. Your professionalism and resilience remain qualities the public service continues to rely upon,” he said.
Commending the Lagos State of their prompt payment of retirees in the state, one of the beneficiaries of the programme, Adewale Ogunyemi, a retired civil servant, described the payment as a source of relief and reassurance. “This payment shows that the Lagos State Government keeps faith with its workers. After years of service, it is comforting to know that our retirement benefits are not just promises but realities.” He said.
Another retiree, Funke Adebayo, said the timely disbursement would ease post-retirement adjustment.” The accrued rights payment gives us stability and confidence to plan our lives after service. It reflects a pension system that works,” she added.
