Ambode pays N2.2 billion to 658 retirees

August 13, 2015 – In a move to enhance workers’ welfare, the Lagos State Governor, Mr. Akinwunmi Ambode is set to pay  the sum of N2.2 billion in form of bond to 658 retirees.

Director- General, Lagos State Pension Commission(LASPEC) Mrs Folashade Onanuga made the revelation during a chat with the media in Lagos.

Onanuga stated that the Retirement Bond Certificate Presentation would be made in Alausa on Thursday 20th August, 2015 by  Akinwunmi Ambode to 658 workers who retired from the mainstream of the Civil Service, Local Government, State Universal Basic Education Board (SUBEB) and government agencies.

According to her, this, being the 18th, since inception of the Contributory Pension Scheme, signified the strong commitment of the State Government to the implementation and sustainability of the Contributory Pension scheme.

According to the LASPEC boss, the Retirement Benefit Bond Certificate is a written acknowledgment by the State Government of debt owed to employees for their years in service under the Pay- As –You- Go pension scheme which was discontinued on the 31st March, 2007.  She said the state government had already redeemed the figures stated on the certificates into the Retirement Savings Accounts of the 658 retirees.

The Director General also stated that the governor had earlier in the month graciously approved the release of the sum of N11 billion to meet the outstanding pension liabilities of retirees  and that the fund would be disbursed on monthly basis, starting with this month, to reduce substantially the outstanding pension liabilities.

The LASPEC boss also said that: “It is gratifying to note that Lagos State Government has been up-to-date in remittance of contributions.