Politics, Seat of Power

Ambode pays N2.2b Bond to 658 retirees


In a move to enhance workers’ welfare, the Administration of Mr. Akinwunmi Ambode is set to pay a sum of N2.2billion to a total number of 658 retirees in the 18th batch of Retirement Benefit Bond Certificate Presentation ceremony.

This was made known by Mrs Folashade Onanuga, the Director- General, Lagos State Pension Commission(LASPEC) during a chat with the media recently in a her office in Ikeja.

Mrs Onanuga stated that the Retirement Bond Certificate Presentation would be made in Alausa on Thursday 20th August, 2015 by the Governor of Lagos State, Mr. Akinwunmi Ambode to 658 workers who retired from the mainstream of the Civil Service, Local Government, SUBEB and Parastatals of government.

According to her, this Retirement Benefit Bond presentation, being the 18th consecutive one since the inception of the Contributory Pension Scheme, signified the strong commitment of the State Government to the implementation and continued 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 31stMarch, 2007. 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 of Lagos State, Mr. Akinwunmi Ambode, had earlier in the month graciously approved the release of the sum of N11billion 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.


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