Lagos Paid N941m to 228 Retirees in November

Akinwunmi AmbodeLagos State Governor, Mr. Akinwunmi Ambode
  • Lagos Paid N941m to 228 Retirees in November

The Lagos State Pension Commission said it paid 228 retirees a total of N941m in November.

The retirees, the commission added, were from the state civil service, local governments, and State Universal Basic Education Board, teaching service and pensions office and other parastatals of government.

“This administration has from August, 2015 to date paid a total of N21.9bn as accrued pension rights to 5,027 retirees under the Contributory Pension Scheme,” it stated.

The Director-General, LASPEC, Mrs. Folashade Onanuga, said the retirees needed to take good care of their health by going for comprehensive check-ups, desist from frivolous spending and advised them not to enter into risky ventures.

She advised the retirees not to desire quick gains as fraudsters would tempt them with offers aimed to defraud them of their benefits.

Onanuga explained that only Programmed Withdrawal benefit option was tenable presently, pending the time, that life insurance companies open operational account jointly with a Pension Fund Custodian to secure the funds for the provider of annuity services.

According to her, the Governor of Lagos State, Mr. Akinwunmi Ambode, is interested in the welfare of the employees both in and out of office, which is why salary and pension issues are given priority.

The retirees, in their response, gave kudos to the state government for promptly paying their entitlements.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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