Lagos Pays N8.7bn to 2,309 Retirees

July 18, 2020
Lagos reopen economy

By Adedapo Adesanya

The Lagos State government has paid N8.7 billion as Accrued Pension Rights to 2,309 retirees in the state within the first six months of 2020.

The Director-General of Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, made this disclosure recently.

He added that the Governor Babajide Sanwo-Olu led administration remains exceptional in the prompt payment of accrued pension rights to its retirees.

Mr Obilana noted that more than N8 billion under the Accrued Pension Rights had been paid into the retirees’ savings accounts between January and June 2020 and was working towards more payment.

The LASPEC Director-General reiterated the resolve of the state government to the timely payment of all accrued pension rights.

Mr Obilana declared that 405 retirees’ Redemption Savings Account (RSA) was credited in the month of June 2020 with the sum of N978.5 million.

The Director-General explained that, in compliance with the COVID-19 protocols and in order to ensure the safety of all beneficiaries, the customary retirement Bond Certificates presentation ceremony will not hold.

He added that all Retirement Bond Certificates for June have been released to Pension Fund Administrators (PFAs) who will invite beneficiaries in small numbers for the exit meeting and grant access to their RSA for the computation of their lump sum and monthly pension.

“The prompt payment of pensions and the welfare of retirees remains the focus of the Lagos State Government, through LASPEC.

“This government will continue to deliver tangible dividends of democracy to all and sundry in the state,” he assured.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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