Lagos Water Corporation (LWC) Managing Director/Chief Executive Officer Mr. Muminu Badmus has hailed the government for assisting the corporation to settle Retirement benefits.
Badmus, an engineer, who spoke yesterday at LWC’s head office in Ijora, Lagos at the 1st Retirement Benefit Bond Certificate Presentation, said the Governor Akinwunmi Ambode administration had demonstrated that it was interested in people’s welfare.
He said: “I am delighted because this event is happening during my tenure as the managing director of the largest water producer in sub-Saharan Africa. This day sees the fulfilment of the promise I made when I came on board in October 2015 to remit deductions from employees’ salaries to their Retirement Savings Account.
“Our appreciation goes to the Lagos State government and to the Director-General of Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, for their assistance and intervention towards settlement of retirement benefits of our pensioners who retired from 2008 to 2014 under the Contributory Pension Scheme.
“A bond payment of N323,483,374.97 was presented to 149 of LWC pensioners, who retired between 2008 and 2014 by the Lagos State government through LASPEC under the Contributory Pension Scheme.
“We praise the government for its support and like Oliver Twist, we are appealing for assistance through LASPEC for the payment and settlement of outstanding pension contributions, retirement contributions and death benefits of LWC workers, which is over N500million.”
Badmus said under the new scheme, the corporation had spent N68million on 36 retirees, “whose bond certificates will be presented today.”
His words: “I’m happy to inform you that this scheme reduces the waiting period for contributors to access their Retirement Savings Account, because this Retirement Bond Redemption Fund Account is funded by the government/employer with a monthly contribution of 7.5 per cent and 7.5 per cent of monthly personal contribution of the employee, totalling 15 per cent.”