Fashola paid N33.5bn to retirees under the CPS

Chuks Udo Okonta 

Lagos State under the leadership of former Governor Babatunde Raji Fashola, SAN left behind a worth legacy in the operation of the Contributory Pension Scheme (CPS) in State in particular and Nigeria in general, as N33.5billion was paid to retirees.

Director-General, Lagos State Pension Commission (LASPEC) Rotimi Adekunle Hussain, disclosed this during the 17th Retirement Bond Certificate presentation ceremony in which another set of 296 retirees were presented with bond certificates that is worth a sum of N1,364,091,169.54K (One Billion, Three Hundred and Sixty-Four Million,  Ninety-One Thousand, One Hundred and Sixty-Nine Naira, Fifty-Four Kobo) only, being their past service benefits prior to the commencement of the Contributory Pension Scheme in April, 2007.   

Hussain said that the administration has, within its eight years in office, paid a total sum of N33,573,368,615.39K (Thirty-Three Billion, Five Hundred and Seventy-Three Million, Three Hundred and Sixty-Eight Thousand, Six Hundred and Fifteen Naira, Thirty-Nine Kobo) only to 6,441 workers who retired from the State Public Service under the Contributory Pension Scheme (CPS).

The 17th bond certificate presentation ceremony which according to the LASPEC boss was marked without the usual fanfare.

Hussain said that retirees with Stanbic IBTC Pension Fund Administrator were presented their bond certificates on Tuesday; those with Trustfund, ARM, NLPC and Leadway Pensure got theirs on Wednesday while the retirees with Crusader Sterling Pension Fund Administrator were presented their bond certificates on Thursday in the premises of the Commission.

While advising the retirees on how to conduct themselves in retirement, he urged them to avoid spending their hard earned retirement benefits on frivolities, saying unnecessary spending and elaborate social engagements should be curtailed in retirement.

He also encouraged them not to venture into businesses they are not familiar with. He urged them not to allow swindlers who will come to them with several business ideas with a view to luring them into unscrupulous businesses such as oil and gas business which will later turn to regret.

The LASPEC boss expressed optimism and confidence that the laudable achievements of Fashola’s administration in the Contributory Pension Scheme will be consolidated upon by the new administration of Akinwunmi Ambode.

He said, “We are confident that the administration of Akinwunmi Ambode and Dr. (Mrs.) Idiat Adebule would not relent on efforts at ensuring that employer/employee joint contributions are remitted regularly and every worker who serves the State Government continues to enjoy the best of pension services in our tradition of excellence."