The National Pension Commission (PenCom) has commended the Lagos State Government for its exemplary role in implementing the Contributory Pension Scheme (CPS). The acknowledgment came from the Acting Director-General of PenCom, Omolola Oloworaran, during her address at the Third Quarter 2024 Consultative Forum for States and the Federal Capital Territory (FCT), held in Lagos.
This two-day forum gathered Heads of Pension Bureaux, Boards, and Commissions involved in steering the CPS and other pension arrangements across various levels of government. Senior government officials from states actively working on CPS implementation also attended.
Oloworaran highlighted several key achievements of the Lagos State Government, including consistent remittance of pension contributions, funding for accrued rights, the establishment of a Group Life Insurance Policy, and the prompt payment of retirement benefits. She noted that these efforts have positioned Lagos as a model for other states, facilitating the forum’s hosting.
Lagos State’s Head of Service, Mr. Bode Agoro, emphasized the government’s recognition of the importance of pension reforms. Represented by the Permanent Secretary and Head of Service, Mrs. Sunkanmi Oyegbola, he stated that the Lagos State Pension Commission (LASPEC) has prioritized the financial security and well-being of retirees.
Agoro said, “In Lagos State, we also 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 aims of the CPS under the Pension Reform Act. We are dedicated to ensuring that all pension contributions are regularly remitted and that retirees receive their entitlements promptly and without delays.”
The Lagos Head of Service also expressed gratitude to PenCom for its continuous efforts in establishing effective regulations and supervision of the Nigerian pension industry, reinforcing the importance of robust pension systems in enhancing the welfare of retirees.