LASPEC Pays Over N1 Billion To 222 Retirees

(from left) Mr. Babalola Obilana, Director-General Lagos State Pension Commission presenting Bond Certificate to Mr. Adesoroye Theophilus, a retiree, during the 91st Bond Certificate Presentation Ceremony.
With them is Mr. Olumuyiwa Oshin, Executive Director, Finance and investment, Lagos State Pension Commission.
The Director-General Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, has declared that the State Government paid the sum of N1,043,450,492.40  to 222 retirees under the Contributory Pension Scheme.
He made this known during the presentation ceremony of Bond Certificates to the 91st batch of retirees held at the NECA auditorium recently.
His words: “The efforts of Governor Babajide Sanwo-Olu led administration towards the success of contributory pension cannot be overemphasised.
Despite the numerous local and global challenges, the State government has made continuous efforts to make monthly payments a priority and ensure retirees access their retirement benefits promptly.”
“Governor Sanwo-Olu has always prioritised matters concerning retirees, that is why pension contributions are among first line charge in the State’s annual budget”, he added.
Obilana reiterated that LASPEC is service-oriented and is constantly reviewing its business processes to ensure prompt, first-class service delivery to retirees, stressing that the administration is also working tirelessly towards ensuring that all backlogs are paid before the end of Y2023.
He, therefore, urged retirees to help their colleagues by informing the Commission about pensioners, who may be ill or temporarily indisposed, in order to fast track their Contributory Pension Scheme processes towards ensuring that they receive their entitlement promptly.
Revealing that the free transportation system conceived by the State government for pensioners is expected to commence before the end of the first quarter of Y2022, Obilana said the free healthcare services may also start before end of the year.
His words: “We are in talks with Lagos State Residents Registration Agency (LASRRA) so that one identity card for pensioners will be multipurpose, including access to free transport and health care services. We are presently trying to clean up our data to ensure that we have accurate records and other vital details for seamless operations”.
The Director-General, therefore, enjoined all retirees to shun dubious people asking them for some payments in order to fast-track their retirement benefits.
“LASPEC will not ask for anything to process retirement benefits. Beneficiaries will be informed and invited when their payments are ready”, he asserted.

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