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Lagos pays N1bn to 257 retirees

By on June 7, 2016

The Lagos State Government has issued retirement benefit bond certificates to the tune of N1.002bn to a set of 275 retirees from the Mainstream, Local Government, Lagos State Universal Basic Education Board, Teachers Establishment and Pension Office and parastatals of government, under the Contributory Pension Scheme for the month of May.

A statement from the Lagos State Pension Commission said the payment brought the number of retirees paid between August 2015 and May, 2016 to 3,344.

It stated that the total accrued pension rights under the Pay-as you-go pension scheme paid on behalf of retirees by the state government from the period was N14.70bn.

The Director-General, LASPEC, Mrs. Folashade Onanuga, disclosed this while speaking at the 27th retirement benefit bond certificate presentation ceremony in Lagos.

Onanuga, who was represented by the Head of Technical Directorate, LASPEC, Mr. Olawale Otun, advised the retirees/beneficiaries to make judicious use of the money.

She informed the pensioners that the activities of fraudsters who always called retirees to inform them of alleged short payments in their entitlements had been reduced drastically, due to the steps the commission took, including sensitisation.

“Nonetheless, you still have to be vigilant and smart,” the LASPEC DG advised.

The statement added that Onanuga emerged as the Pension Amazon of the Year and the Lagos State Government was recognised as the most pension-compliant state in the third edition of Business Today Online Pension and Insurance Awards 2015.

The LASPEC DG disclosed that the dynamism and commitment of the state had made the CPS to be a success compared to other states.

She also said that the contributions of the state to the pension scheme administration in Nigeria had been praised and adjudged as an effort hinged on professionalism.