Lagos pays out N59 billion in pensions, launches health insurance for retirees
Introduces Pay-As-You-Go pension scheme
From Lukman Olabiyi, Lagos
Lagos State Governor Babajide Sanwo-Olu has announced that his administration has paid N59,701,420,500.22 to 17,039 retirees in five years.
This disclosure was made during the 105th batch retirement bond certificate presentation ceremony by the Lagos State Pension Commission (LASPEC) on Thursday.
Sanwo-Olu highlighted a new era in pension administration for the state with the introduction of the “Pay-As-You-Go” initiative. This system ensures that retirees receive their payments promptly upon retirement, provided all necessary procedures and approvals are completed beforehand.
“Since the inception of the Contributory Pension Scheme, the State Government has disbursed N141,242,852,606.49 to 35,191 retirees. Under my administration alone, we have paid N59,701,420,500.22 to 17,039 retirees, positioning Lagos State as a leader in pension payments. Today, I am pleased to announce that an additional 2,000 retirees will receive bond certificates totalling N4,461,659,536.82. These funds, along with their monthly contributions, have already been transferred into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs),” Sanwo-Olu stated.
Furthermore, the governor introduced a Health Insurance Scheme tailored specifically for retirees, launched by the State Health Management Agency. This scheme will provide access to a wide range of medical services, from routine check-ups to specialised treatments.
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“This initiative underscores our commitment to the well-being of our retirees, ensuring that you receive not only your statutory entitlements but also additional support to enhance your quality of life in retirement,” Sanwo-Olu added.
In his welcome address, LASPEC Director General, Mr Babalola Obilana, warned pensioners to beware of fraudsters posing as commission employees.
He noted that these individuals often claim to conduct a verification exercise called “I’m alive”, during which they request personal information. Obilana clarified that all verification exercises are conducted online and advised pensioners to visit the LASPEC office at NECA House or the official website for accurate information.
“Please be cautious of fraudsters targeting vulnerable pensioners. LASPEC has received reports of individuals pretending to be commission staff, visiting pensioners’ homes, and claiming to be conducting a verification exercise known as ‘I’m alive’, during which they request personal information. This is a scam.
“Our verification exercises are conducted online. For any pension-related information or further clarifications, please visit us at NECA House or on our website at www.laspec.gov.ng,” Obilana emphasised.
