Lagos State Governor, Babajide Sanwo-Olu, announced on Thursday that his administration has paid a total sum of N59,701,420,500.22 to 17,039 retirees over the past five years, marking a new era in pension administration for the state with the introduction of the “Pay-As-You-Go” initiative.

Governor Sanwo-Olu made this known during the 105th batch retirement bond certificate presentation ceremony by the Lagos State Pension Commission (LASPEC), which took place at Kudirat Abiola Way, Oregun, Ikeja.

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At the event, the governor presented bond certificates totaling N4,461,659,536.82 to an additional 2,000 retirees. He stated that these funds, along with their monthly contributions, had already been transferred into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).

While highlighting the “Pay-As-You-Go” initiative introduced by his administration, the governor explained that the system ensures retirees receive their payments promptly upon retirement, provided all necessary procedures and approvals were 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 totaling 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.

Governor Sanwo-Olu also announced the introduction of a Health Insurance Scheme specifically tailored for retirees, launched by the State Health Management Agency. He mentioned that the scheme would provide access to a wide range of medical services, from routine check-ups to specialized treatments, highlighting his administration’s commitment to the well-being of retirees and ensuring they receive not only their statutory entitlements but also additional support to enhance their quality of life in retirement.

“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 said.

LASPEC Director General, Mr. Babalola Obilana, in his welcome address, warned pensioners to beware of fraudsters posing as commission employees. He noted that these individuals often claimed to conduct a verification exercise called “I’m alive,” during which they requested personal information.

Obilana clarified that all verification exercises were 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 our website at www.laspec.gov.ng,” Obilana emphasized.