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Lagos state pays N1.16bn accrued pension to 368 retirees

The Lagos State Governor, Mr Babajide Sanwo-Olu, has approved the release of N1.157 billion for the payment of Accrued Pension Rights to 368 public service retirees for the month of May.

Mr Babalola Obilana, Director-General, Lagos State Pension Commission (LASPEC), said this in a statement made available to the News Agency of Nigeria (NAN) on Wednesday in Lagos.

Obilana appreciated Gov. Sanwo-Olu for his commitment to ensuring that retirees got paid their terminal entitlements as and when due.

He said that to ensure the safety of all beneficiaries, in view of the COVID-19 pandemic, all bond certificates for the month of May had been released to the Pension Fund Administrators (PFA).


According to him, the PFA’s will invite beneficiaries in tens for the exit meeting and grant access to their Redemption Savings Account (RSA), for the computation of their lump sum and monthly pension.

The Director-General who assumed office few weeks ago assured the retirees that he would sustain and improve on the accomplishments of his predecessor.

Obilana assured retirees that had yet to collect their bond certificates that they would soon be paid, as payments were being structured based on date of exit and also grade level.

He also advised retirees to be careful on how they would invest their money, so that they could live a stress-free life in old age.


The Director-General urged the retirees to always make use of the commission’s electronic platforms to send their correspondents.

“Scan and send all your documents to the agency through the e-mail address: info@laspec.gov.ng or morenike.makinde@laspec.gov.ng

“For enquiries, retirees can also check their retirement bond certificates readiness at LASPEC portal which is, laspecportal.com.ng,” he said. (NAN)

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