Another batch of Lagos Retirees gets N684m


The Governor of Lagos State, His Excellency, Mr. Akinwunmi Ambode has released the sum of N684m to pay accrued pension rights to 218 retirees from the Mainstream Civil Service, Local Governments, and State Universal Basic Education Board (SUBEB), Teachers Establishments and Pensions Office (TEPO) and other Parastatals of Government under the Contributory Pension Scheme for the month of June.

Addressing the retirees at the 40th Retirement Benefit Bond Certificate Presentation on Friday, 30th June, 2017 at Ikeja, the Director-General- LASPEC, Mrs. Folashade Onanuga, gave the retirees, His Excellency’s goodwill message.His Excellency stated that the retirees having contributed their quota to the  development of Lagos State deserve to be treated like elderstatesmen with  right to receive their pension early as active workers also receive their salaries on time. She implored the beneficiaries to be gentle with life. “Maintain a low profile, Eat healthy and exercise well as this  is what your body needs. Let moderation be your watchword”, she said.

She also explained that even though there is 2 options available for receipt of monthly Pension entitlements i.e. the Programmed Withdrawal and life annuity options, not many insurance companies have received PENCOM’s nod to transact Annuity business. However, Leadway Assurance plc, FBN Insurance Custodian Life and ARM life have gotten approval. Only Leadway assurance & ARM life are for now given approval to provide Annuity services for Lagos State Government retirees.

The retirees pray that God will continually give the Governor the heart of helping the less privileged.

The Lagos State Pension Commission (LASPEC) was recognised again as the ‘Best Public sector Pension Administrator in West Africa by the West Africa Innovation Awards 2017 held on Thursday, 29th, June 2017 at Transcorp Hilton Hotel, Abuja.



Lawal, B. A

Public Affairs Officer