Lagos State Pays Nearly ₦1 Billion to Families of Deceased Public Workers
The Lagos State Government has paid a total of ₦978.62 million to support the families of 510 deceased public servants. This money was paid as part of insurance death benefits to help these families cope financially after the loss of their loved ones.
The cheques were officially presented on Friday, in partnership with LASACO Assurance Plc, a leading insurance company.
Government Supports Families in Their Time of Need
During the presentation ceremony, the Commissioner for Finance, Mr. Abayomi Oluyomi, led the event. He explained that the payments were part of the government’s commitment to the welfare of public servants and their families.
“Today, we are giving cheques to over 510 beneficiaries, with the total amount close to one billion Naira,” Oluyomi said.
Loading...He also recognized that some families had experienced delays in getting their money, but assured them that more payments would be made within the next three months.
Oluyomi reminded everyone that all Lagos State Government employees, whether alive or dead, are covered by an insurance policy paid for by the state.
He also asked the families to use the money wisely, saying it is important not to waste the support. To honor those who passed away, the event included a minute of silence and prayers for the families left behind.
Investing in Worker Protection
The commissioner praised Governor Babajide Sanwo-Olu for always putting the welfare of workers first. He noted that Lagos State has already paid over ₦3 billion this year alone in insurance premiums, which protect government workers and public property.
Also present at the event, Permanent Secretary Mahmud Alao advised the families to manage the money carefully and avoid spending it on unnecessary things. He stressed that the money should help bring stability, not more problems.
More Leaders Call for Smart Use of Funds
Mr. Femi Saheed, the Chairman of the House Committee on Finance, also spoke at the event. He said the government is doing its part to follow insurance laws and protect its workers.
He encouraged public servants to also consider getting personal insurance, which can offer extra protection in case of emergencies.
Mr. Rasaq Abiodun, Managing Director of LASACO Assurance Plc, praised the Lagos State Government for always paying its insurance premiums on time. He also told the families to be smart with the money they received and invest it wisely.
Representatives from the Association of Senior Civil Servants of Nigeria (ASCSN), including Chairman Segun Balogun, also advised the beneficiaries to think about the long-term benefit of the money and plan for the future.
Grateful Families Say Thank You
One of the beneficiaries, Mrs. Constance Ajayi, who lost her husband, gave a thank you speech on behalf of the other families. She said the money would help her and her children and thanked the Lagos State Government for giving support when it was needed most.
What to Expect Next
With the next phase of payments set to happen within three months, the Lagos State Government continues to show that it is serious about social welfare and financial stability. The payments show the government’s strong focus on helping families stay strong after the loss of a loved one who worked in public service.
Additional Insight
According to Nairametrics, there are 16 insurance companies currently listed on the Nigerian stock market. Together, these companies are worth over ₦434.6 billion in market value. In 2024 alone, 15 of these companies reported collecting a combined ₦557.5 billion in insurance premiums from customers.
This shows that the insurance industry is growing, and more people are beginning to understand the importance of financial protection in uncertain times.
