The Lagos State Government has disbursed N978.62 million in insurance death benefits to 510 beneficiaries, providing financial relief to families of deceased public servants.
Lagos, in collaboration with LASACO Assurance Plc, on Friday, presented cheques to the beneficiaries.
During a formal presentation on Friday, Lagos Commissioner for Finance, Abayomi Oluyomi, led the distribution of cheques, reaffirming the government’s commitment to supporting public service families.
Ensuring Welfare and Financial Stability for Families
“Today, we are giving out cheques to over 510 beneficiaries, totaling close to one billion Naira,” Oluyomi stated, acknowledging that some recipients faced delays in payments.
He emphasized that all Lagos State employees—whether alive or deceased—are covered by government-backed insurance programs.
Calling for financial prudence, Oluyomi urged beneficiaries to manage the funds wisely, stressing that another phase of disbursement will occur within three months.
To honor the departed, he requested a minute of silence and prayed for the well-being of their surviving family members.
Government’s Continued Investment in Workforce Protection
Oluyomi commended Governor Babajide Sanwo-Olu for prioritizing public sector welfare, citing Lagos State’s payment of over N3 billion in insurance premiums this year to cover employees and government assets.
Additionally, Permanent Secretary Mahmud Alao underscored the need for financial diligence among beneficiaries, warning against lavish spending that could undermine the purpose of the support funds.
Stakeholders Advocate for Insurance Coverage and Smart Investments
Femi Saheed, Chairman of the House Committee on Finance, highlighted legislative oversight in ensuring the government’s compliance with insurance obligations.
He encouraged civil servants to consider personal insurance policies, complementing state-sponsored benefits.
Similarly, LASACO Assurance Plc Managing Director, Rasaq Abiodun, praised Lagos State’s consistency in insurance premium payments, urging recipients to invest their funds wisely.
Leaders from the Association of Senior Civil Servants of Nigeria (ASCSN), including Chairman Segun Balogun, echoed similar sentiments, advocating financial intelligence and stability for beneficiaries.
Expressing gratitude, Mrs. Constance Ajayi, speaking on behalf of the recipients, thanked the Lagos State Government for its timely intervention, sharing her challenges following the loss of her husband.
With the next phase of payments scheduled within three months, the Lagos State Government continues to prioritize financial security for public service families, reinforcing its commitment to social welfare and economic stability.
What you should know
- Last month, Nairametrics listed 16 insurance companies that are currently listed, with a total market capitalization of N434.6 billion.
- As publicly traded entities, these companies are required to publish their interim and full-year financial statements for public access.
- For the fiscal year ended 31 December 2024, 15 out of the 16 companies disclosed their financial statements reporting a combined N557.5 billion in premiums received from policyholders
