The National Pension Commission (PenCom) has praised the Lagos State Government for its exemplary implementation of the Contributory Pension Scheme (CPS). This commendation came from the Acting Director-General of PenCom, Omolola Oloworaran, during her address at the Third Quarter 2024 Consultative Forum for States and the FCT, held in Lagos.
The two-day forum gathered Heads of Pension Bureaux, Boards, and Commissions responsible for overseeing the CPS and other pension arrangements across various levels of government. Also in attendance were senior government officials from states that have initiated efforts toward implementing the CPS for their employees.
Oloworaran highlighted several achievements by Lagos State, including:
- Consistent remittance of pension contributions
- Funding of accrued rights
- Establishment of a Group Life Insurance Policy
- Prompt payment of retirement benefits
These efforts have positioned Lagos as a model for other states, warranting its selection to host the forum.
In his remarks, Lagos State Head of Service, Mr. Bode Agoro, emphasized the government’s recognition of the significance of pension reforms. Represented by the Permanent Secretary and Head of Service, Mrs. Sunkanmi Oyegbola, Agoro stated that through the Lagos State Pension Commission (LASPEC), the state has prioritized the financial security and well-being of its retirees.
He said, “In Lagos State, we recognize the need for the protection of workers’ rights and are committed to promoting transparency, accountability, and efficiency in pension administration and management. The welfare of our workforce and retirees has always been our priority, and we continually align our policies with the objectives of the CPS under the Pension Reform Act. We are dedicated to ensuring that all pension contributions are regularly remitted, and retirees receive their entitlements promptly and without delays.”
The Lagos Head of Service also commended PenCom for its ongoing efforts to establish effective regulation and supervision within the Nigerian pension industry.