Lagos pays N5b benefits to retirees, appreciates their faithful service
By Jeph Ajobaju, Chief Copy Editor
Lagos, Nigeria’s richest state by internally generated revenue (IGR), has paid N5 billion to settle the retirement benefits of 1,768 its retirees up to April.
Establishments, Training and Pensions Commissioner Ajibola Ponnle disclosed this at the 100th Retirement Bond Certificate Presentation to civil service retirees in Lagos, organised by the Lagos State Pension Commission (LASPEC).
Ponnle, represented by the ministry’s Permanent Secretary, Olawale Musa, disclosed the accrued pension rights were paid into the Retirement Savings Accounts (RSAs) of the retirees, together with their monthly contributions.
She said Lagos has been a consistent high flyer in the pension industry, with over N50.7 billion paid to 13,928 retirees from May 2019 to date.
The beneficiaries are in the Mainstream, local governments, State Universal Basic Board (UBEB), Teaching Service Commission (TESCOM), and other parastatals, Ponnle explained.
She said one of the government’s major priorities in the vision for a ‘Greater Lagos’ is to provide a safe retirement and welfare for its staff – which would be achieved through a dynamic, efficient, and effective workforce.
“We are currently working on some reforms based on global best practices to reduce post-retirement financial difficulties. We are committed to building an environment that is safe, secure and sustainable for all residents of Lagos State.
“Governor Babajide Sanwo-Olu will continue to raise the bar of governance to improve livelihood and maintain the safety, peace and prosperity of everyone living in Lagos.”
According to Ponnle, the 100th retirement bond presentation ceremony, since the inception of the Contributory Pension Scheme (CPS) in Lagos, is a special centenary festivity and it is a blessing for the state to have sustained the event this far.
She said Lagos has maintained its leading role in the administration of the CPS and payment of pension obligations to its pensioners.
“The state government is truly grateful for your hard work and recognises the need to protect your retirement benefits. Hence, Lagos was one of the first states to implement the CPS, with an objective to ensure its workers receive income regularly in their retirement.
“I use this occasion to thank you all for the return of the Governor for a second term of service to our great state.”
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Collaboration with stakeholders
Ponnle disclosed LASPEC collaborates frequently with industry policy makers and stakeholders to strengthen the governance, management and effectiveness of the CPS in the state, per Vanguard reporting.
She urged pensioners to only seek advice from competent and reliable sources on the different options available for investing the funds in their retirement accounts.
“Do not hesitate to contact LASPEC or even the Ministry of Establishments, Training and Pensions for questions or clarifications regarding the modalities surrounding your retirement benefit matters.
“I congratulate every retiree present and wish you all the best. I pray that God will give you good health to enjoy your benefits.
LASPEC Director General Babalola Obilana thanked Sanwo-Olu for ensuring consistent payment of pension liabilities and first class service to retirees.
He said Sanwo-Olu has shown great commitment to the ideals of the CPS by prioritising the welfare of the public service workforce even in retirement.
“His administration has initiated various programmes to secure the financial freedom of our senior citizens.
“Today, we are here to celebrate your dedication and service to Lagos State. Your labour while in the public service has not been forgotten. Thank you for your contribution to the dream of a Greater Lagos,” Obilana said.
He advised the retirees to be prudent in their expenses, and prayed for God to grant them long life and good health to enjoy their retirement.