LASPEC Vouches Proper Pension Administration Under Sanwo-Olu
Babajide Sanwo-Olu (Image credit: Google)

Lagos State Pension Commission, LASPEC, on Monday, said that Gov. Babajide Sanwo-Olu would unequivocally maintain good pension administration like his predecessor.

The Director-General of LASPEC, Folashade Onanuga, gave this assurance at the 16th Retirement Benefit Documentation Seminar held in Lagos.

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Concise News understands that 1,200 workers due to retiree from the state’s Public Service between July and December attended the seminar.

LASPEC boss pointed out that the state had never shirked in its responsibilities and commitment on the funding of Retirement Savings Account (RSAs).

According to her, Lagos state is the only state that is consistent in the remittance of monthly pension contributions into RSAs of its workers with the Pension Fund Administrators (PFAs).

Onanuga further said the state was also the only state that has not reneged in the funding of the Retirement Benefit Redemption Fund (RBRF).

“I want to unequivocally say that this pace will be maintained under the new administration headed by Mr Babajide Sanwo-Olu because Lagos state is known for consistency, commitment, effectiveness, efficiency and good governance.

“Although, there are challenges of inadequate funding on Accrued Pension Rights (APR).

“However, as far as there are regular cash inflows, the backlogs will be cleared,” she said.

Speaking on total money rendered, Onanuga said over N45 billion has been expended on APR in the last 46 months to 11,000 retirees.

She further urged retirees suffering from terminal ailments like cancer and strokes among others to immediately forward their medical reports to LASPEC for onward processing of their gratuities.

“However, these ailments did not cover arthritis and hypertension,” she said.

Dr Lekan Adelakun, the Managing Director of Quaint Consultancy, Lagos, speaking on health management, urged the workers to avoid self-medication, especially after retirement.

According to him, adequate sleep of six to eight hours minimum a day is required for healthy living.

Adelakun, however, warned all Nigerians to reduce salt intake to guide against high blood pressure.