Lagos State Governor, Akinwunmi Ambode today presented bond certificates worth N2.2 billion to 658 retirees in the state.

The governor, who spoke at the 18th Retirement Benefit Bond Certificate Presentation ceremony held at the NECA House, Alausa, Ikeja, Lagos, Southwest Nigeria also warned all the state government parastatals that have not fully complied with the provisions of the Lagos State Pension Reform Law by regular remittance of Contributory Pension Scheme, PCS to immediately commence their contributions into the employees Retirement Saving Account.

Ambode described the payment of the retirees as indication of his passion to enhance workers’ welfare through his administration reiterated his commitment to look into the outstanding payments in the state public service.

The governor who was represented by his deputy, Dr Idiat Oluranti Adebule, said that a total liability of N761.828million is now being absorbed by the state government on behalf of the retirees.

“We are very resolute in forging ahead with the contributory pension scheme. With the mechanism for guaranteeing the safety of fund contributed in place by the regulatory agencies. The contributory pension scheme remains one of the finnest things democracy has beqauted on Nigeria workers.

“The scheme is sustainable as it meets the challenges of the past pension scheme administration which, being a non-contributory , relied totally on budgetary allocations of government,” he said.

Director-General, Lagos State Pension Commission (LASPEC), Folashade Onanuga, assured that retirees who had not been paid their entitlement would soon have their financial empowerment as Governor Ambode had vowed to look into their case and ensure they all receive their retirement benefits.

She added that Ambode had earlier in the month graciously approved the release of the sum of N11 billion to meet the outstanding pension liabilities of retirees.

Onanuga stated that the fund would be disbursed on monthly basis, starting with this month, to immediately bring succour to the retirees on the waiting list.

She explained that 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 31 March, 2007.

“The State Government had already redeemed the figures stated on the certificates into the Retirement Savings Accounts of the 658 retirees,” she disclosed.