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222 Lagos Retirees Paid Over ₦1 Billion Under the CPS – LASPEC

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Credit: LASG

Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission (LASPEC), said that the State Government paid N1,043,450,492.40 to 222 retirees under the Contributory Pension Scheme. He stated this recently at the NECA auditorium during the presentation of Bond Certificates to the 91st group of retirees.

His words: “The efforts of Governor Babajide Sanwo-Olu led administration towards the success of contributory pension cannot be overemphasized. 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 prioritized matters concerning retirees, that is why pension contributions are among first line charge in the State’s annual budget”, he said.

Obilana emphasized that LASPEC is a service-oriented organization that is continually examining its business processes to guarantee that retirees receive timely, first-class service and that the administration is working relentlessly to ensure that all backlogs are paid before the end of Y2023.

As a result, he urged retirees to assist their colleagues by telling the Commission about pensioners who may be unwell or temporarily unable to work in order to expedite their Contributory Pension Scheme processes and ensure that they receive their benefits as soon as possible.

Obilana revealed that the State government’s free transportation system for retirees is expected to begin before the end of the first quarter of Y2022 and that free healthcare services may also begin before the end of the year.

“We’re in talks with the Lagos State Residents Registration Agency (LASRRA) to create a multipurpose identity card for retirees that includes free transportation and health care.” We’re now working to clean up our data in order to ensure that we have correct records and other critical information for smooth operations.”
As a result, the Director-General advised all pensioners to avoid suspicious individuals who seek for contributions in order to expedite their retirement benefits.

“LASPEC will not request any information in order to process retirement benefits.” When the monies are ready, the beneficiaries will be notified and invited,” he stated.

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