Lagos State said it had given out Retirement Benefit Bond Certificates worth N2.17bn to 658 retirees in the state as part of efforts to ensure comfortable future for them.

A statement obtained from the Lagos State Pension Commission on Sunday, said the Governor of Lagos State, Mr. Akinwunmi Ambode, who was represented by his deputy, Dr. Idiat Adebule, made the presentation to the retirees.


“For retires in the state, Local Government and SUBEB, a total number of 428 retirees already had accrued rights for a total sum of N1.5bn credited into their RSA (Retirement Savings Account). In essence, for the 18th batch retirement bond presentation ceremony, the state has expended the sum of N2.27bn on a total number of 658 retirees,” he said.

He stated that since the inception of the Contributory Pension Scheme in the country, Lagos had continued to be in the forefront of ensuring efficient and effective pension scheme administration.

With the 18th retirement benefit bond certificate presentation, a total liability of N761.82m was absorbed by the State Government on behalf of 230 retirees from 12 State Government Parastatals, he said.

The Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, said it was the practice of the Lagos State Pension Board to issue bond certificates to public servants who have retired from the mainstream service, primary and secondary schools and also from Local Government establishments.

She also noted that all those who had retired in the state but were yet to receive their entitlements would soon be paid.

“The Lagos Sate Government has consistently funded Retirement Bond Redemption Fund Account with an amount equal to five per cent of the total monthly personnel cost of the active workers,” she said.

According to her, the retirement benefit bond certificates indicate the accrued pension rights made up of gratuity and pension entitlements for active service rendered before the commencement of the CPS in April 2007.