Sanwo-Olu to retirees: ‘Don’t donate your pension benefits to churches, mosques’

Sanwo-Olu to retirees: ‘Don’t donate your pension benefits to churches, mosques’ 

...Lagos pays N4.46b to 2000 retirees 

Lagos State Governor, Mr Babajide Sanwo-Olu, has implored the 2,000 retirees, who got their contributory pension worth about N4.46 billion, yesterday, not to donate it to churches, mosques or religious groups.

   

Speaking at the 105 batch of retirement bond certificate presentation ceremony to retirees, Sanwo-Olu stated that payment of the pension is a testament to the unwavering commitment of the state government to its retirees while celebrating their years of dedicated service to Lagos.

   

“Today, we mark the 105th Retirement Bond Certificate presentation, a historic milestone as we transition into a new era of Pension Administration called ‘Pay-As You-Go.’ From now on, all retirees of the state government will be paid as they retire, provided all procedures and approvals have been completed before retirement.”

   

Sanwo-Olu disclosed that since the inception of the Contributory Pension Scheme, the state has paid N141.2 billion to 35,191 retirees. 

   

“Under this administration alone, we have paid N59.7b to 17,039 retirees, making Lagos a top performer in pension payments. Today, I am pleased to announce that another 2,000 retirees will receive bond certificates worth a total of N4.46b. These funds, along with their monthly contributions, have already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).

“In addition to financial entitlements, the Lagos State government, through the Lagos State Health Management Agency, has launched a Health Insurance Scheme tailored specifically for our retirees. This scheme will provide access to a wide range of medical services, from routine check-ups to specialised treatments. 

   

Speaking at the ceremony, the Director General of Lagos State Pension Commission, Mr Babalola Obilana, said the ceremony would not have been possible with the support and cooperation of stakeholders and Governor Sanwo-Olu. He encouraged retirees to choose wisely between programmed withdrawal and annuity to select the option that best suit their individual circumstances.

   

The retirees, in appreciation of the governor’s gesture, held a special prayer session for Sanwo-Olu and his deputy, Dr Obafemi Hamzat. The senior citizens also trooped out to dance with the governor.