Lagos State has handed ₦1.5 billion in retirement bond certificates to 832 public service retirees, reinforcing the government’s commitment to the welfare and financial security of its workforce.
The certificates, presented at a ceremony in Alausa, Ikeja, guarantee retirees access to their accrued pension benefits, ensuring a steady post-service income.
Officials said the move reflects the state’s focus on prompt and secure delivery of retirement entitlements.
Established in 2007, the Lagos State Contributory Pension Scheme (CPS) requires employers and employees to make regular contributions to individual Retirement Savings Accounts (RSAs) managed by licensed Pension Fund Administrators.
Retirees can access their funds upon leaving service, including both contributions and investment returns accumulated over the years.
The Director‑General of the Lagos State Pension Commission said the retirement bonds cover benefits earned both before and after the introduction of the CPS.
He added that the government has consistently ensured timely pension remittance, boosting efficiency and reducing delays in benefit disbursement.
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Since its inception, the CPS has seen Lagos State distribute billions of naira to thousands of retirees across ministries, agencies, and local governments.
Officials described the latest presentation as part of ongoing efforts to modernize pension administration through digitalisation, record verification, and retiree financial education.
Retirees at the event expressed appreciation for the timely presentation of their certificates, noting that the funds would provide much-needed financial stability and support for their post-retirement plans.