Lagos State Governor Babajide Sanwo-Olu on Thursday disclosed that his administration disbursed N59,701,420,500.22 to 17,039 retirees in the past five years.
The governor said this during the 105th batch retirement bond certificate presentation ceremony by the Lagos State Pension Commission (LASPEC) on Thursday.
Sanwo-Olu emphasized the introduction of the “Pay-As-You-Go” initiative, marking a new era in the state’s pension administration.
This system ensures retirees receive their payments promptly upon completing all necessary procedures and approvals.
“Since the inception of the Contributory Pension Scheme, the State Government has disbursed N141,242,852,606.49 to 35,191 retirees. Under my administration alone, we have paid N59,701,420,500.22 to 17,039 retirees, positioning Lagos State as a leader in pension payments.
“Today, I am pleased to announce that an additional 2,000 retirees will receive bond certificates totaling N4,461,659,536.82. These funds, along with their monthly contributions, have already been transferred into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs),” Sanwo-Olu stated.
Additionally, the governor introduced a Health Insurance Scheme for retirees, launched by the State Health Management Agency, offering access to a wide range of medical services.
“This initiative underscores our commitment to the well-being of our retirees, ensuring that you receive not only your statutory entitlements but also additional support to enhance your quality of life in retirement,” Sanwo-Olu added.
LASPEC Director General, Mr. Babalola Obilana, cautioned pensioners about fraudsters posing as commission employees, claiming to conduct a verification exercise called “I’m alive” and requesting personal information.
He clarified that all verification exercises are conducted online and advised pensioners to visit the LASPEC office at NECA House or the official website for accurate information.
“Please be cautious of fraudsters targeting vulnerable pensioners. LASPEC has received reports of individuals pretending to be commission staff, visiting pensioners’ homes, and claiming to be conducting a verification exercise known as ‘I’m alive’, during which they request personal information. This is a scam. Our verification exercises are conducted online. For any pension-related information or further clarifications, please visit us at NECA House or on our website at www.laspec.gov.ng,” Obilana emphasized.
