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Lagos pays N16.33bn to retirees in 12 months

By on August 11, 2016

The Lagos State Government said it paid N16.33bn to 3,924 retirees as accrued pension rights through the Lagos State pension Commission from August 2015 to July this year.

The Director-General, LASPEC, Mrs. Folashade Onanuga, disclosed this while speaking at the 29th retirement benefit bond presentation ceremony in Lagos.

She said Lagos had paid N891m to 324 retirees from the mainstream civil service, local governments, state universal basic education and other parastatals in July.

Onanuga advised the beneficiaries to use judiciously the lump sum they would be paid by their different Pension Fund Administrators.

She also implored them not to do any business they were not conversant with, so that they would not lose out to fraudsters.

Onanuga said the Lagos State Government had fulfilled its own part of paying the retirees’ entitlements, and it was now left for the Pension Fund Administrators/annuity service providers to take over the responsibility of paying the retirees their lump sums and pensions monthly.