Lagos State disburses N978.62 million in insurance coverage advantages to deceased staff’ households
The Lagos State Authorities has disbursed N978.62 million in insurance coverage dying advantages to 510 beneficiaries, offering {financial} aid to households of deceased public servants.
Lagos, in collaboration with LASACO Assurance Plc, on Friday, offered cheques to the beneficiaries.
Throughout a proper presentation on Friday, Lagos Commissioner for Finance, Abayomi Oluyomi, led the distribution of cheques, reaffirming the federal government’s dedication to supporting public service households.
Making certain Welfare and {Financial} Stability for Households
“In the present day, we’re giving out cheques to over 510 beneficiaries, totaling shut to at least one billion Naira,” Oluyomi said, acknowledging that some recipients confronted delays in funds.
He emphasised that every one Lagos State workers—whether or not alive or deceased—are coated by government-backed insurance coverage applications.
Calling for {financial} prudence, Oluyomi urged beneficiaries to handle the funds properly, stressing that one other section of disbursement will happen inside three months.
To honor the departed, he requested a minute of silence and prayed for the well-being of their surviving relations.
Authorities’s Continued Funding in Workforce Safety
Oluyomi recommended Governor Babajide Sanwo-Olu for prioritizing public sector welfare, citing Lagos State’s cost of over N3 billion in insurance coverage premiums this 12 months to cowl workers and authorities property.
Moreover, Everlasting Secretary Mahmud Alao underscored the necessity for {financial} diligence amongst beneficiaries, warning in opposition to lavish spending that would undermine the aim of the assist funds.
Stakeholders Advocate for Insurance coverage Protection and Good Investments
Femi Saheed, Chairman of the Home Committee on Finance, highlighted legislative oversight in making certain the federal government’s compliance with insurance coverage obligations.
He inspired civil servants to think about private insurance coverage insurance policies, complementing state-sponsored advantages.
Equally, LASACO Assurance Plc Managing Director, Rasaq Abiodun, praised Lagos State’s consistency in insurance coverage premium funds, urging recipients to take a position their funds properly.
Leaders from the Affiliation of Senior Civil Servants of Nigeria (ASCSN), together with Chairman Segun Balogun, echoed related sentiments, advocating {financial} intelligence and stability for beneficiaries.
Expressing gratitude, Mrs. Constance Ajayi, talking on behalf of the recipients, thanked the Lagos State Authorities for its well timed intervention, sharing her challenges following the lack of her husband.
With the following section of funds scheduled inside three months, the Lagos State Authorities continues to prioritize {financial} safety for public service households, reinforcing its dedication to social welfare and {economic} stability.
What it is best to know
- Final month, Nairametrics listed 16 insurance coverage corporations which can be presently listed, with a complete market capitalization of N434.6 billion.
- As publicly traded entities, these corporations are required to publish their interim and full-year {financial} statements for public entry.
- For the fiscal 12 months ended 31 December 2024, 15 out of the 16 corporations disclosed their {financial} statements reporting a mixed N557.5 billion in premiums obtained from policyholders
