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Lagos State government retirees receive bond certificates
Abdul Semiu Babalola.
Some 328 retired public servants of Lagos State government in south west Nigeria, on Tuesday, received retirement bond certificates worth 2.198 billion Naira, after put in 35 years of service or have reached the retirement age of 60 years.
Presenting the certificates to the retirees, the State Governor, Mr Babatunde Raji Fashola (SAN), said the former public servants had devoted the fruitful part of their working life to the service of the state and deserve to retire into a life of comfort.
The Governor, who was represented by his deputy, Mrs Adejoke Orelope-Adefulire, said the state pension reform law of 2007, which introduced the contributory pension scheme in the public service, was a demonstration of the commitment of the government to the welfare of the workers.
“I have had cause to state before and I hereby restate again that we hold our covenant which our people very dear to our heart, and if at any time anybody disbelieves what we say, they can never disbelieve what we do. The evidence of our commitment to the welfare of public servants is here for all to see,” the Governor added.
The retirees belong to the third batch of the beneficiaries under the new contribution pension scheme in the state. For the first two batches of recipients, a total number of 322 retirement bonds had been issued to the retirees.
Cumulatively, since October 2010 the state government has so far redeemed a total of 3.5 million naira into the retirement savings account of 650 retirees.
The Director-General of the Lagos State Pension Commission (LASPEC), Mr Rotimi Hussain, said that in the next two weeks, another batch of 240 retired public servants, will receive their retirement bond certificates.
Mr Hussain attributed the success recorded in the administration of pension scheme in the state to the commitments of the government.
He said: “Payment of the state’s monthly contribution into the Retirement Savings Account of civil servants is given the same priority as that of payment of salaries. Payment of funds into the account set aside for the redemption of accrued pension rights is diligently made monthly”.
Benefit of good service
Some of the retirees expressed happiness that they were alive to enjoy the fruits of their labour.
They lauded the pension scheme and its management, noting that they will invest their retirement benefits into useful ventures.
“I am very happy. I thank God for being alive, more especially I thank Lagos state government for giving us the opportunity to serve. The experience was fantastic, the certificate is the reward of my hard work, when I was in the service,” Mrs. Maureen Chinyere, who served for 34 years with the Ministry of Education, said.
According to, Mr. Adedoyin Kolawole Odutayo, who retired as a Deputy Director from Ministry of Information and strategy, “there is nothing I want to say other than I have come physically to receive my bond certificates. I did not send my wife; neither did I send any of my children. I pray to God that I will use the bond certificates judiciously.”
The bonds translate to cash that is already in the bank.
The pension scheme
The Contributory Pension Scheme was introduced and adopted by the Nigeria government in June, 2004.
Many states in the country have adopted the system, seen by financial analysts as cost effective.
The new pension scheme is a cost sharing system which makes it compulsory for the employer of labour in both public and private sector to contribute 7.5 per cent of the workers’ salaries, while the employees contribute the same percentage.
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