Lagos State to present N1.62bn bond to 426 retirees

Lagos State Governor, Babatunde Raji Fashola
Lagos State Governor, Babatunde Raji Fashola

The Lagos State Government on Tuesday said it would present retirement bond certificates to 426 retirees worth N1.62 billion on April 17.


Mr Rotimi Hussain, Director General, Lagos State Pension Commission, in a statement said that this was their accrued rights for past services to the state prior to the commencement of the Contributory Pension Scheme in April, 2007.


He said that the ceremony was the first tranche of the 11th retirement bond certificate presentation ceremony. According to Hussain, it is a means of appreciating the retirees for showing great commitment and resourcefulness to the state government during their service years.


He said that majority of the beneficiaries of this first tranche were drawn from Local Government Areas and State Universal Basic Education Board (SUBEB). “This is another confirmation of the commitment of the state government to make make life worthy and remarkable for all its employees in retirement,” Hussain said.


According to him, the state government has so far paid total accrued rights of N22.70 billion to 4,199 retirees who retired from the public Service since inception of the Contributory Pension Scheme till date.

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