By Favour Pius
Retirees under the Lagos State Pension Commission (LASPEC) have received a N1.13 billion payout as the Lagos State Government continues to deepen gains from its pension reform programme, with 668 former public servants benefiting from the latest round of retirement bond disbursements.
At the 114th Batch Retirement Bond Certificate Presentation Ceremony held in Lagos at the weekend, Director-General of LASPEC, Babalola Obilana, said the payments cover accrued pension rights for workers who retired after serving before the introduction of the Contributory Pension Scheme in 2007, underscoring the state’s resolve to ensure prompt and sustainable pension administration.
According to him, the ₦1,126,050,940.12 released underscores the state government’s resolve to prioritise the welfare and financial security of its workforce, even amid prevailing economic pressures.
Obilana noted that Lagos has continued to distinguish itself as a leader in pension administration, describing its CPS framework as “one of the most efficient and well-managed in the country.”
He attributed the performance to sustained collaboration between LASPEC, Pension Fund Administrators (PFAs), Annuity Service Providers (ASPs), and other stakeholders, which has ensured seamless processing and prompt disbursement of entitlements.
“Th 114th Batch joins the growing number of retirees who have received their benefits, reinforcing our promise of financial security to public servants,” he said.
The LASPEC boss also disclosed that the commission has intensified capacity-building initiatives targeted at directors, administrative officers and pension desk
Officers across ministries, departments and agencies to improve efficiency in pension processing.
He added that the agency is deepening financial literacy programmes for retirees while exploring innovative strategies to strengthen the pension system against economic uncertainties.
Looking ahead, Obilana said LASPEC would continue to evolve policies that make the pension system more responsive, inclusive and adaptable to changing economic realities, while expanding stakeholder engagement.
Some of the beneficiaries who spoke with The Guardian expressed relief and appreciation to the Lagos State Government describing the payment as timely and impactful.
A retired education officer, Mrs. Funmilayo Adeyemi, said the bond certificate would go a long way in stabilizing her post-service life.” After years of service, this gives me peace of mind. I can now plan properly for my family and healthcare need,” she said.
Similarly, a former administrative officer, Sikiru Balogun, noted that the prompt payment reflects government’s seriousness.”We have seen delays in other places, but Lagos is showing that pensioners can be respected. I am grateful that I can access my benefits without unnecessary stress,” he said.
Another beneficiary,Mrs. Grace Okonkwo, said the exercise has restored her confidence in the pension system.”This is a new chapter for me. I appreciate the transparency and the way the process was handled. It gives hope to those still in service,” she said.
However, some retirees urged the government to sustain the momentum and ensure that subsequent batches are paid without delay.
For many beneficiaries, the payment offers not just financial relief but renewed confidence in the state’s ability to honour its obligations a critical factor in sustaining trust in Nigeria’s pension reforms.
