Tag: Folashade Onanuga

  • Pension: LASG releases N795m as part of retirees’ accrued rights

    The Lagos State Government has released N795 million in September to settle part of accrued pension rights of its retirees.

    The Lagos State Pension Commission (LASPEC) said on Sunday in Lagos that the gesture was in fulfilment of monthly pension settlement embarked on by Gov. Akinwunmi Ambode.

    According to LASPEC, the fund was released for 213 Public Service Retirees under the Contributory Pension Scheme (CPS) in the state.

    The commision also confirmed that 9,804 retirees have had their accrued pension rights of N40,245 billion paid.

    It said the N40,245 billion had been paid into their Retirement Savings Accounts (RSA) from inception of the governor’s administration till date.

    “His Excellency has remained committed to pensioners’ welfare in spite the huge funding obligations facing the administration.

    “For this reason, funds are released monthly into the RSA of employees, and also the accrued rights are gradually been cleared,” LASPEC said in a statement by its Director-General, Mrs Folashade Onanuga.

    The commission also said the pensioners there was a move by the National Pension Commission (PenCom) to execute the Pension Law on guaranteed Minimum Pension for life.

    “The law will be executed for retirees under the Programmed Withdrawal benefit option as it will be recalled that the annuity option offers pension for life for the annuitants,” the statement said.

  • Lagos govt. releases N1.24 bn to pay pensioners

    The Lagos State Government says it has released N1.24 billion to pay its retirees for March.

    A statement by Mrs Folashade Onanuga, the Director-General, Lagos State Pension Commission ( LASPEC ), said the money was released to pay 183 retirees under the Contributory Pension Scheme ( CPS ).

    Lagos State Governor, Mr Akinwunmi Ambode, at the 49th Benefit Bond Certificate Presentation (BBCP) on April 4, reiterated his commitment to pay pensioners in the state promptly.

    Ambode, represented by the Commissioner of Establishments, Training and Pensions, Dr Akintola Oke at the presentation, said 8, 731 retirees had received Accrued Rights of over N35 billion.

    The governor confirmed that the N35 billion Accrued Rights from inception of the administration till date had been paid into the Retired Savings Account (RSA) of the pensioners.

    He said that despite the high funding obligations of the state, it had been consistent in paying retirees.

    “Our commitment stems from the understanding that the greatest asset a state has are the employees. Their well-being in and outside the job is our priority.

    “We urge retirees to take informed decision of the choice of either Programme Withdrawal or Annuity Plan.”

    NAN

  • Lagos State settles N841m pensions

    Lagos State settles N841m pensions

    Lagos State Gov. Akinwumi Ambode has released N838 million to pay accrued pensions to its retirees for February.

    A statement by the Lagos State Pension Commission (LASPEC), signed by its Director-General, Mrs Folashade Onanuga, said that the amount was paid to 141 retirees under the Contributory Pension Scheme (CPS).

    He gave the assurance that the payment of the accrued pension rights would continue monthly under the current administration.

    “The payment is well structured, transparent, efficient and based on the law of equity.

    “I assured all the retirees that the Pensioners’ Identity Card is in progress and wilk be provided as soon as the necessary approval is obtained,” she said.

    Also in a statement, Dr. Benson Akintola-Oke, the state Commissioner for Establishments, Training and Pensions, said that N34, 781 billion had been paid into Retirement Savings Accounts (RSA) of 8,548 retirees since 2015.

    Read Also: Lagos East APC endorses Ambode for second term

    Akintola-Oke, who represented Ambode at the 48th Retirement Benefit Bond Certificate Presentation (RBBCP) ceremony, implored retirees to put their money only  in businesses they could manage.

    Akintola-Oke said that the state government was committed to providing retirees with incentives that would give them peace in retirement.

    “Ambode focuses on payment of pensioners and other entitlements, and this has earned the state accolades.

    “This priority is to eradicate poverty amongst the elderly in our society,” he said.

    NAN

     

  • LASG settles N723m Accrued Pension Rights of 149 retirees

    LASG settles N723m Accrued Pension Rights of 149 retirees

    The Lagos State Government (LASG) has released N723 million to pay its 149 retirees for January.

    The Director-General (DG) of the Lagos Pension Commission (LASPEC), Mrs Folashade Onanuga, said  N723 million was paid into the Retirement Savings Accounts (RSA) of 149 retirees from the State’s  Public Service in a statement on Wednesday.

    She said that this had also been announced at the 47th Retirement Benefit Bond Certificates’ Presentation to the retirees.

    Onanuga in the statement quoted Gov. Akinwumi Ambode of Lagos State to have said that the state government would ensure regular funding of pensioners’ retirement benefits at the event,

    Ambode, represented by the Commissioner for Establishments, Training and Pensions, Dr. Benson Oke, said the state had expended N33, 943 billion to pay accrued pension rights of 8,409 retirees in the last 30 months.

    Read Also: Lagos pays N1b to 301 public service retirees

    “This is aside the regular monthly contributions into the RSA of its active workers.

    “The state has also cleared the backlog of outstanding pension obligations met at the inception of this administration.

    “The state is also determined to settle fresh liabilities from retirement, ’’ Onanuga said.

    She said that the Lagos State Government would ensure that all retirees that had served the state would not go unrewarded or ran into penury.

    Onanuga then appealed to the retirees not to succumb to pressure in terms on annuity or programme withdrawal benefit options for the payment of monthly pensions.

    She said that the state government had started searching for welfare programmes that would give retirees more comfort after retirement.

     

  • LASPEC urges NAICOM, PenCom to eliminate hindrances to insurance

    LASPEC urges NAICOM, PenCom to eliminate hindrances to insurance

    The Lagos State Pension Commission (LASPEC) has urged the National Insurance Commission ( NAICOM ) and National Pension Commission (PenCom) to eliminate practices militating against the growth of the industry.

    Director-General of LASPEC, Mrs Folashade Onanuga made the call at the ongoing Insurance and Pension Conference organised by National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos on Thursday.

    She said that eliminating the challenges would bring sanity to the industry and attract more Nigerians into the insurance net.

    The D-G said the theme of the conference: Legislation of Pensions and Insurance, Intrigues, Interest, Governance and the People’ would enable experts suggest solutions to enhance the sectors’ contributions to economic growth.

    According to her, annuity providers need to know how to do legitimate business while marketing a product and not behaving like fraudsters.

    “Some insurance agents now stand by the roadside as if they are waiting for a prey, unfortunately, there are too many  frauds in the system.

    “The competition between life insurers and Pension Fund Administrators (PFAs) needed to be healthier otherwise the ultimate consumers will lose confidence in them.

    “Such competition contravene the transparency the 2004 Pension Reform Act (PRA) advocated for as human thinking will suggest that the fighting is to gain market share.

    “This means the product is more to the benefit of the operator more than consumers,’’ she said.

    The LASPEC boss expressed dismay that some life insurance companies invited retirees to programme using the name LASPEC.

    “Sometimes, agents will pose as relatives of retirees to programmes to exit discussion between retirees and PFAs,’’ she said.

    The Commissioner for Insurance (CFI), Alhaji Mohammed Kari, said that the commission had widened its regulatory and supervisory roles on insurance entities.

    Kari, represented by Mr Pius Popoola, the Head of Authorisation and Policy, said the roles were aimed at building the confidence of policy holders.

    The commissioner said the roles would also eradicate abominable ethics and promote the safety and soundness of the insurance industry.

    He said that the commission would work closely with the industry and other stakeholders, especially co-regulators in the financial services sector.

    “This would promote a healthy insurance industry within the existing legislation,’’ he said

    NAN

  • Lagos disburses N711m to retirees

    Lagos disburses N711m to retirees

    The Lagos State Government has disbursed the sum of N711 million as pension payments for September.

    The Lagos State Pension Commission (LASPEC) in a statement issued on Monday by its Head of Public Affairs Unit, Mrs. Basirat Lawal, said the N711 million was released to pay 287 retirees for that month.

    The statement said Governor Akinwunmi Ambode was represented by the state Commissioner for Establishments, Training and Pensions, Dr. Akintola Oke, at the Retirement Bond Certificates Presentation on September 29.

    “The Agency in the month of September also released Insured death benefit cheques amounting to about N32 million to nine beneficiaries and next-of-Kin of deceased employees,’’ the statement added.

    The statement quoted Ambode as saying that he has embarked on massive infrastructural development in the state that would, however, give great priority to those who laboured and had now retired.

    “I understand the challenges facing the retirees and that the receipt of their pension dues will enable them face the future, as well as other goodies in the pipeline,’’ Ambode said.

    The Director- General of LASPEC, Mrs. Folashade Onanuga, in the statement also advised the pensioners to spend wisely.

    “If you are in the evening time of your life, make sure you rest well, and do not do anything that will aggravate your health status.

    “Use your pension for your basic needs and make sure you eat well and in moderation.

    “The current economic challenges have affected the ability of youths to gain employment, such that in essence, many youths who should be taking care of themselves and their parents are still depending on them.

    “I also advise the retirees to consider using the lump sum received to empower any resourceful child to start a family business, which could end up creating jobs for others,’’ Onanuga added.

    NAN

  • Lagos retirees hail LASG on prompt pension payments

    Lagos retirees hail LASG on prompt pension payments

    Retirees in Lagos State on Tuesday in Lagos commended the state government for its commitment of paying them promptly.

    They told the News Agency of Nigeria (NAN) that the state government had consistently ensured that contributions are remitted into Retired Savings Account (RSA) since 2007, when the state subscribed to the Contributory Pension Scheme (CPS).

    The Director-General of Lagos State Pension Commission (LASPEC), Mrs Folashade Onanuga at 12th retirement benefit documentation seminar held on June 7 said the state had expended N28.5 billion on 6, 509 pensioners in the last two years.

    Adenuga said that a total of N62 billion had been paid into RSA of about 13,675 retirees since the commencement of the payment of entitlements in the CPS in 2007.

    Mr Olusesin Oluwakemi, a former staff of the Ministry of Poverty Alleviation and Woman Affairs said he was initially displeased when the Contributory Pension Scheme (CPS) was introduced.

    “Later I discovered the idea is a way to help the retirees.

    “The process of payments is now better unlike before, if you retired, you cannot sleep,“ he said.

    Oluwakemi pointed out that most retirees before 2009 could no longer afford to take care of themselves because they were owed their gratuities and pensions.

    “Those building houses and have children in universities as the retirees could not get their gratuities and if they ever did,  they will get it probably two years after retirement, “ he said.

    She noted that the scenario had changed since Gov. Raji Fashola’s administration and up till date, the state government paid promptly.

    “Once a retiree processes his or her documents on time, the gratuity will be paid on time and the monthly payments will be regular,“ he said.

    He said that challenges might surface when pensioners do not put things in place before retirement.

    “Like not upgrading RSA accounts and documentation of needed papers for processing gratuity, will make some pensioners have problems.’’

    Mrs Adeyemi Jeminat, an ex-staff of the Ministry of Lands and Survey also commended the state government for holding retirees in high esteem.

    “It is only Lagos State that holds retirement documentation seminar to ensure retirees peacefully enjoy their retirement lives.

    “I also use this opportunity to commend the D-G of LASPEC,  Mrs Onanuga on efforts of ensuring that Lagos state retirees are  enjoying their lives in retirement.

    “She achieved total government commitments to the welfare of the retirees with directives that all ministries and agencies ensure employees are promptly credited,’’ she said.

    According to her, Lagos remains the only state that fully complies with the provisions of the Pension Reform Law as it relates to contributions remittances.

    She said that pensioners in the last era were not enjoying like now, as Gov. Akinwunmi Ambode had been doing well,  especially for the Teaching Service Commission.

    Mr Olusosun Saheed, who worked with Lagos State University Teaching Hospital (LASUTH), praised Ambode on the innovations developed to facilitate gratuity and pension remittances.

    He said that the governor’s investment in the LASPEC on e-environment to ensure the commission delivered seamless service was commendable.

    “Through this, the commission has been able to introduce the Employees Retirement Evaluation System (ERES) to aid and facilitate the benefit payment system.

    “The software is to hasten the process of computing the past service benefits of retirees with minimal human intervention and zero per cent error rate,’’ he said.

    He also commended Ambode’s perfection of the electronic archiving records of finalising the Retiree Identification Card Issuance process.