The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this during the 2026 Consultative Forum for States, the Federal Capital Territory (FCT), and Licensed Pension Fund Operators (LPFOs).

She warned that while states technically have the legislative autonomy to pass their own laws, withholding monthly employee pension contributions into state coffers creates a dangerous risk for future retirees.

“You cannot be deducting funds from employees and putting them in a state account.”

“Any other governor can come on board who doesn’t even know what the point of the funds are, and then people’s monies are used for something else. That then results in pension obligations skyrocketing and a broken system in the future.”

She urged state governments to urgently adopt and execute the Contributory Pension Scheme (CPS), warning that delaying pension reforms poses a grave danger to public finances and the future security of public service workers.

While assuring that she will engage the governors and let them see the need to do the right thing by enacting their own laws and commencing their own scheme.

On the review of Pension Reform Act, she said “Right now, it is still at the engagement stage with all the necessary parties, which includes Labour, NECA, House of Representatives and the Senates are doing a whole lot of work. “Certainly , the rates of contribution will go up, but we have to make sure that all stakeholders are carried along before final implementation.’

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The presentation ceremony, held on Thursday, June 11, 2026, underscored the Lagos State Government’s commitment to the welfare of its workforce by ensuring that the families of public servants who died in active service receive the financial support due to them.

Speaking at the ceremony, the Special Adviser to the Governor on Rural Development, Dr. Nurudeen Agbaje, reaffirmed the Lagos State Government’s dedication to supporting the families of public servants who passed away while in active service. He noted that the disbursement demonstrates the administration’s commitment to fulfilling its obligations to workers and their dependants, even after their demise.

Mrs. Jumoke Koleosho, representing the Managing Director of Lasaco Assurance Plc, joined in expressing condolences to the beneficiaries and urged them to make responsible use of the funds disbursed. She noted that the insurance benefits were designed to provide financial relief and long-term stability for affected families, particularly in meeting educational, welfare, and other essential needs, while also highlighting the importance of insurance as a vital safety net for protecting lives and securing the future.

Representatives from the Ministry of Local Government, Chieftaincy Affairs and Rural Development, the State Universal Basic Education Board, and Haggai Insurance Brokers Limited all paid tribute to the deceased workers, acknowledging their invaluable contributions to the development of Lagos State. They collectively emphasized the importance of the initiative and reiterated their shared commitment to ensuring that the families of deceased workers receive the support due to them. Beneficiaries were also urged to make prudent use of the funds in ways that would positively impact their families and preserve the legacies of their departed loved ones.

The disbursement further reinforces Lasaco Assurance Plc’s commitment to delivering meaningful protection and financial security to individuals and families. It highlights the company’s continued role in supporting structured welfare initiatives that provide timely relief to bereaved families and strengthen public sector confidence in social protection frameworks.

Through sustained collaboration with government institutions and other stakeholders, Lasaco Assurance Plc continues to play an active role in advancing systems that safeguard lives, preserve family legacies, and promote broader social well-being across Nigeria.

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