Lagos pays 4,636 retirees N24.42bn under CPS

L-R: A retiree, Mrs. Florence Olatunji; Executive Director, Finance and Investment, Lagos State Pension Commission, Dr. Adekunle Wright; Director-General, Mr. Adekunle Hussain; and Executive Director, Technical, Mrs. Folashade Onanuga, during the presentation of bond certificates to the retirees in Lagos recently...Photo:LASPEC
L-R: A retiree, Mrs. Florence Olatunji; Executive Director, Finance and Investment, Lagos State Pension Commission, Dr. Adekunle Wright; Director-General, Mr. Adekunle Hussain; and Executive Director, Technical, Mrs. Folashade Onanuga, during the presentation of bond certificates to the retirees in Lagos recently...Photo:LASPEC


The administration of Lagos State Governor, Mr. Babatunde Raji Fashola (SAN) has grown its stake in the administration of the Contributory Pension Scheme in Nigeria, having so far paid the sum of N24,429,829,010.60K (Twenty-Four Billion, Four Hundred and Twenty-Nine Million, Eight Hundred and Twenty-Nine Thousand, Ten Naira, Sixty kobo only) to 4,636 retirees who retired from the public Service from inception of the Contributory Pension Scheme till date.

 

This was revealed by the Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain on Thursday, during the presentation of Retirement Bond Certificates to 437 retirees of the first tranche of the 11th Retirement Bond Certificate presentation ceremony.

 

The retirees who recently retired from the State Public Service received Retirement Bond worth the sum of N1,723,737,915.59K (One Billion, Seven Hundred and Twenty-Three Million, Seven Hundred and Thirty-Seven Thousand, Nine Hundred and Fifteen Naira, Fifty-Nine Kobo only) being their accrued rights for past service to the State prior to the commencement of the Contributory Pension Scheme in April, 2007.

 

Mr. Rotimi Hussain who said that the day was set aside to celebrate the highly committed and resourceful workers for serving the State meritoriously during their service year, emphasized that the ceremony was another confirmation of the commitment of the administration of Governor Babatunde Raji Fashola (SAN) to make life worthy and remarkable for all its employees in retirement.

 

He assured the beneficiaries that the value of the bond had been paid into their accounts. He said, “Of great importance, is the fact that the above stated amount has already been domiciled in the respective Retirement Savings Account (RSA) of each of the 437 retirees in addition to their 7.5 per cent monthly contributions and another 7.5 per cent counterpart contribution by the State Government”.

 

While admonishing the retirees who are majorly drawn from the Local Government Areas and State Universal Basic Education Board (SUBEB) on life after retirement, the LASPEC boss advised them to be cautious and be careful about the type of business they embark upon after retirement.

He said, “Be sure that you are conversant and have a fair knowledge of the business you want to embark upon, so as to avoid falling into the hands of fraudsters”.

 

The Director-General affirmed that the Lagos State Pension Commission on its part, had painstakingly put the retirees through all they needed to know about the workings of the Contributory Pension Scheme during the Pre-Retirement Seminars, stressing that the retirees are now in the best position to put the knowledge they have acquired to use in all their future endeavors.

 

 

 

Taofeek Lawal

Press & Public Relations Officer