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Lagos State Pays N1.5bn Accrued Pension Rights for January

The Lagos State Government on Thursday said it had released over N1 billion for the payment of retirees’ accrued pension rights for the month of January.

Mr Babalola Obilana, Director-General ,Lagos State Pension Commission (LASPEC) disclosed this in a statement released in Lagos.

“The Retirement Savings Accounts (RSAs) of retirees were credited with a total sum of 1,510,525,465,85 (One Billion, Five Hundred and Ten Million, Five Hundred and Twenty-Five Thousand, Four Hundred and Sixty-Five Naira, Eighty-Five Kobo), ” he said.

Obilana restated the commitment of the state government to the welfare of its pensioners and noted that all pension entitlements would be paid as and when due.

The Director-General assured retirees of the state government’s dedication to the well-being of its workforce, even in retirement.

” LASPEC has gone beyond the excuses of retirees waiting endlessly before they can gain access to their funds. The world is moving forward and so are we.

” We are dedicated to our retirees because they have painstakingly contributed their quota towards making a greater Lagos,” he said.

Obilana charged the retirees to ensure that they have proper documentation to avoid any delay in payment due to wrong or missing documents.

He said the commission was devoted to ensuring that all entitlements were paid into the right sources after departure from the civil service .

The director general advised the elder statesmen to be wary of fraudsters, as there were many people devising means of defrauding retirees of their dividends received after service.

” That is why we operate an open-door policy to all on pension matters.

“LASPEC will not call or send you messages of charges to get your entitlements’’, he said.

Obilana thanked Gov. Babajide Sanwo-Olu for making the welfare of employees a priority and not withholding funds for retired staff amidst the COVID-19 pandemic and the aftermath of the EndSARS protest.

He assured the retirees that the governor was working assiduously to ensure that retirees did not have to wait for years before receiving their pensions from the state.

Obilana urged staff of the commission to continue to uphold a good service relationship with retirees, as prescribed by the core culture, norm and belief of LASPEC.

“The goal of the commission for 2021 is openness and accountability ,” the director general said .



L-R: Olumuyiwa Oshin Executive Director Finance and investment Lagos state Pension Commission, Mrs Christiana Alakija a Retiree receiving her Bond Certificate from the Director-General Lagos state Pension Commission, Babalola Obilana during the 82nd Bond Certificate presentation in Alausa Ikeja

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