Lagos State Government Releases N515m To 252 Pensioners

Cat:

Related stories

“Nigeria’s challenges not about the constitution, but its operators”, says Obasanjo

By Yanju Uwala A former Nigerian President and military Head...

Nigeria Surpasses OPEC’s 1.5 Million Barrel Oil Quota in June 2025

By Abiola Olawale In a major achievement for Africa’s largest...

Natasha vs Akpabio: Senate President Heads to Court, Challenges Court Order to Reinstate Senator

By Abiola Olawale President of the Senate, Senator Godswill Akpabio...

… Implores beneficiaries to invest in profitable ventures

The Lagos State Government released N515 Million as benefits to the State’s retirees, just as it advised them not invest their retirement benefits in unprofitable ventures or businesses that they could not manage.

The State Commissioner for the Ministry of Establishments, Training & Pensions, Dr. Akintola Benson, who represented Governor Akinwunmi Ambode at the 41st Retirement Bond Certificate Presentation ceremony held at Ikeja on Monday, said the continuous payment of retiree’s entitlements was to ensure that retirees were not deprived of their benefits in retirement.

He said that in past 24 months (August 2015 to July, 2017), the State Government has, through Lagos State Pension Commission, LASPEC, has paid accrued pension rights in excess of N29 billion into the Retirement Savings Account (RSA) of 6,982 retirees, adding that the amount excludes the mandatory 15% contributions which the Government remits monthly into the Retirement Savings Account of all the State-employees.

The Director- General, LASPEC, Mrs. Folashade Onanuga reiterated that the money being paid by the State Government to the retirees should not be used to commence projects (e.g. building a house) that cannot be completed.

She advised the retirees not to allow anyone force them into opting for a particular type of exit option between Programmed Withdrawal and Annuity, rather, they should think deeply about any type that will suit their needs before taking a decision.

The Agency in the month of July also released insured death benefit cheques amounting to over N30 million to 24 beneficiaries/ Next of Kin of deceased employees.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Elderstatesman, Emeka Anyaoku, Speaks Again , Urges Nigeria to Adopt a "People’s Democratic Constitution""Nigeria's challenges not about the constitution, but its operators", says ObasanjoNigeria Surpasses OPEC’s 1.5 Million Barrel Oil Quota in June 2025Natasha vs Akpabio: Senate President Heads to Court, Challenges Court Order to Reinstate SenatorOluwo Commends Awujale's Burial, Says Late Monarchs Shouldn't Be "Butchered Like Animals"Alleged N6.9Billion Fraud: Drama as Ex-Governor Fayose Wins in CourtOgun PDP Knocks Dapo Abiodun, Backs Striking Workers: "Strike Action is lawful, a response to Abuse"[Full Letter] Atiku Abubakar Quits PDP, Signals Major Political Shift Ahead of 2027 ElectionsNational Grid Crisis: Six Universities, MTN, NDA, 16 Others Exit Grid, Resort to Own Power GenerationOgun PDP Knocks Dapo Abiodun, Backs Striking Workers: "Strike Action is lawful, a response to Abuse"Alleged N6.9Billion Fraud: Drama as Ex-Governor Fayose Wins in CourtOluwo Commends Awujale's Burial, Says Late Monarchs Shouldn't Be "Butchered Like Animals"Natasha vs Akpabio: Senate President Heads to Court, Challenges Court Order to Reinstate SenatorNigeria Surpasses OPEC’s 1.5 Million Barrel Oil Quota in June 2025"Nigeria's challenges not about the constitution, but its operators", says Obasanjo
X whatsapp