Lagos Retirees Smile Again

The Governor of Lagos State, Mr Akinwunmi Ambode recently puts smiles on the faces of retirees with the presentation of Retirement Benefit Bond Certificates to 658 retirees in the State.

The ceremony which was held in the NECA Auditorium, CBD Alausa was meant to usher in financial empowerment in retirement for the retirees.

The Governor, who was represented by his Deputy, Dr. Idiat Oluranti Adebule described the employees as the State’s greatest assets. “This is why we are not only committed to ensuring that they enjoy good conditions of service, but to also ensure that their entitlements are paid promptly when they exit from office.” He said.

He stated that since the inception of the Contributory Pension Scheme in the country, Lagos State continued to be in the forefront of ensuring efficient and effective pension scheme administration.

Ambode reiterated that his administration would not tolerate non-conformity to the Lagos State Pension Reform Law by agencies and urged regular remittances of contributions into employees Retirement Savings Account.

He emphasised his administration’s commitment to ensuring that retirees live in peace and comfort in retirement, while stating government’s resolve to look into why some parastatals have outstanding liabilities.

With the 18th retirement benefit bond certificate presentation, a total liability of 761,828,757.81 was absorbed by the State Government on behalf a total of 230 retirees from 12 State Government Parastatals.

According to Governor Ambode: “for retires in the state, Local Government and SUBEB, a total number of 428 retirees already had accrued rights for a total sum of 1,509,341,518.66 credited into their Retirement Savings Accounts”

“In essence, for the 18th Batch Retirement Bond Presentation ceremony, the State has expended the sum of 2,271,170,276.47 on a total number of 658 retirees” he said.

According to him, “We are very resolute in forging ahead with the Contributory Pension Scheme. With the mechanism for guaranteeing the safety of fund contributed in place by the regulatory agencies, the Contributory Pension Scheme (CPS) remains one of the finest things democracy has bequeathed on Nigerian workers. The scheme is sustainable as it meets the challenges of past pension scheme administration which, being non-contributory, relied totally on budgetary allocations of government”.

Earlier in her address, the Director General of the Lagos State Pension Commission, Mrs. Folashade Onanuga said it was the practice of the Lagos State Pension Board to issue bond certificates to public servants who have retired from the Mainstream Service, Primary and secondary schools and also from the Local Government establishments.

She also noted that all those who had retired in the state but were yet to receive their entitlements would soon be paid.

According to her, “the Lagos Sate Government has consistently funded Retirement Bond Redemption fund Account with an amount equal to 5% of the total monthly personnel cost of the active workers”

The Retirement Benefit Bond Certificates Indicate the accrued pension rights made up of gratuity and pension entitlements for active service rendered before the commencement of the Contributory Pension Scheme in April 2007.

The retirees expressed joy and appreciation to the kindness of the governor. The Chairman, Lagos State Water Corporation Association of Retirees, Mr. Leo Onayemi described the governor as a “great man who has shown such great kindness to the retirees in less than 3 months in office”


Source: BusinessToday, Nigeria

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